Queensland is set to pump a record $116.8 billion into capital over the next four years including a $4.7 billion investment to prepare for the Brisbane 2032 Olympics.

And the state has launched a new home equity scheme to help first-home buyers to get into their first home.

The Queensland Government has released its budget for 2025/26.

All up, the budget forecast a deficit of $8.581 billion for 2025/26.

Whilst the operating deficit is expected to improve to $1.08 billion by 2028/29, there is no surplus which is forecast over the four-year forward estimates period.

In terms of building and construction, the budget allocates $4.7 billion over the next four years to fund construction of venues and athlete villages which are needed for the 2032 Brisbane Olympics.

The funding is part of a $7.1 billion program that was announced earlier this year following a 100-day review.

Of this, $3.8 billion has been allocated for venues. This includes the 63,000 Victoria Park Stadium along with the Sunshine Coast stadium and indoor sport centres at Logan and Moreton Bay.

A further $950 million will go toward building athlete villages and upgrades to the RNA Showgrounds.

The Olympic building program is part of a record $116.8 billion infrastructure commitment over four years.

Aside from the games venues and villages, this includes:

• A transport pipeline that is worth almost $42 billion. This includes $9 billion to restore and to address safety concerns along the Bruce Highway ($1.8 billion from the state and $7.2 billion from the Commonwealth) along with funding for the Barron River Bridge, Logan and Gold Coast fast rail and the Mooloolah River Interchange.
• More than $18 billion in health infrastructure, including more than $5 billion for construction of the new Coomera Hospital as well as expansions of the Redcliffe and Townsville Hospitals.
• $814 million to plan, construct and expand schools and school infrastructure.
• $5.6 billion in new social and community housing initiatives.

However, the Government has scrapped the massive Pioneer-Burdekin Pumped Hydro Project as previously announced and has scaled back funding for the Borumba Pumped Hydro Project from $8 billion to $3 billion over the forward estimates period.

Instead, it has committed to smaller pumped hydro projects and will invest $79 million for ongoing developments at Mt Rawdon and Stanwell in partnership with the private sector.

In addition to infrastructure, the Government has made an important announcement in regard to housing affordability.

In particular, it has announced a $165 million ‘Boost to Buy’ home equity scheme.

Billed by the Government as ‘nation leading’, the program will enable Queenslanders to purchase a home with as little as a 2 percent deposit.

Under the scheme, the Government will provide equity to the value of 30 percent ornnew builds and 25 percent for the purchase of existing homes up to the value of $1 million.

The program will be available to singles who earn up to $150,000 or couples who earn up to $225,000.

Up to 1,000 places will be available. Expressions of interest will be open from July 1.

The Government has also announced that the $30,000 first home buyers grant will be extended until June 2026.

Previously, the grant was due to expire at the end of the month.

Building industry lobby groups broadly welcomed the budget.

In a statement, Paul Bidwell, CEO of the Master Builders Association of Queensland, said that the budget had a strong focus on housing as well as a number of initiatives to boost workforce training and development.

However, he said that further investment in training and support is needed in order to deliver the homes and infrastructure which are needed.

In particular, Bidwell called for financial incentives to be paid to apprentices who complete their first year and again when they complete their trade qualification along with a 50 percent rebate for employers on first-year apprentice wages.

“The housing pipeline is full – and so are the hands of the tradies meant to deliver it,” Bidwell said.

“If we want to turn the numbers into homes, we need the boots, skills, and support to get it done.”

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