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Queensland debt to balloon from coronavirus recession as state cops $2.5b cut to GST funding – ABC News

Treasurer Cameron Dick reveals Queensland’s share of GST revenue is to be cut by at least $2.5 billion across the next two financial years because of the COVID-19-driven recession.

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At least $2.5 billion will be wiped from Queensland’s share of GST revenue across the 2019-20 and 2020-21 financial years, Treasurer Cameron Dick has revealed.
Key points:

  • Federal Treasury released its GST update on Thursday
  • Cameron Dick says with that revenue fall, Queensland debt will be $59.5 billion by June 2021
  • The state’s budget deficit will grow to $8.4 billion in that time

Mr Dick said Federal Treasury’s update on Thursday was the first opportunity to…

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