The Queensland Commission of Audit has published its Interim Report into the state of Queensland's finances, finding that the state's return to surplus within two years is increasingly unlikey.

 

The report presents a damming evaluation of the previous Government's fiscal management, lambasting its "lack of fiscal discipline", projecting that the state's debt is likely to balloon to over $100 billion by 2018-19 unless urgent action is taken to pay down debt. 

 

“Interest is now the fastest growing government expense in Queensland - not health, not education, not public transport - and it’s all due to Labor’s appalling reckless financial mismanagement," State Treasurer Tim Nicholls said.

 

Mr Nicholls said the Report outlined the need for major ‘fiscal repair’ to end the debilitating cycle of over-expenditure and crippling increases in debt and debt-servicing costs. 

 

“The Commission has recommended some very strong medicine which we all must take to get Queensland’s finances back in the black," Mr Nicholls said.

 

The Commission will deliver its Final Report in February next year, which Mr Nicholls says will chart a path for fiscal repair. 

 

The full report can be found here