State of the State Budgets 2024

On the second Tuesday in May, Canberra’s focus turns exclusively toward the Federal Budget. Meanwhile, State and Territory Government Budgets – through which many essential services are funded – occur throughout May, June, and September.

The Northern Territory, ACT, Queensland, and Western Australia will go to the polls within the next 10 months. As such, their upcoming Budgets will not only set the policy priorities for these jurisdictions, but will be ‘Election Budgets’, outlining the benefits of re-electing the current Governments.

This Nexus APAC Insights Article provides a brief overview of what you need to know about each Australian jurisdiction’s Budget, and key measures to consider.

State/Territory	Budget Day	Premier/1st Minister	Treasurer	Next Election
Victoria	7 May	Hon Jacinta Allen MP	Mr Tim Pallas MP	28 November 2026
Western Australia	9 May	Hon Roger Cook MLA	Hon Rita Saffioti MLA	8 March 2025
Northern Territory	14 May	Hon Eva Lawler	Hon Eva Lawler	24 August 2024
South Australia	6 June	Hon Peter Malinauskas MP	Hon. Stephen Mullighan MP	21 March 2026
Queensland	11 June	Hon Steven Miles MP	Hon Cameron Dick MP	26 October 2024
New South Wales	18 June	Hon Chris Minns MP	Hon Daniel Mookhey MLC	27 March 2027
Australian Capital Territory	25 June	Hon Andrew Barr MLA	Hon Andrew Barr MLA	19 October 2024
Tasmania	14 September	Hon Jeremy Rockliff	Hon Michael Ferguson	Before March 2028

 

Victoria – 7 May

On 7 May, Treasurer Tim Pallas MP delivered the first of this year’s State Budgets and his 10^th Budget as Victoria’s Treasurer. It was also the first Budget for new Labor Premier, the Hon Jacinta Allan MP.

Core to the Allan Government’s Budget was a $6.6 billion over 10 years to the “Big Build,” project. An infrastructure program focused on delivering the Metro Tunnel, Suburban Rail Loop, West Gate Tunnel, Northeast Link and removing Level Crossings. Adjacent to the Big Build is the Big Housing Build, committing $5.3 billion to Victoria’s goal to build 800,000 new homes.

Also included within the Victorian Budget was a commitment to invest:

$13 billion in Victoria’s public health system;

$1.7 billion to build and upgrade hospitals and health facilities across Victoria, including three of Victoria’s busiest hospitals – Austin Hospital, Northern Hospital and Monash Medical Centre;

$6.2 billion in in early childhood education including Free Kinder for three- and four-year-olds; and

$1 billion to build 16 new schools, completing the 2019 promise to build 100 new schools.

$273 million in First Peoples’ self-determination and support.

Access Budget Papers Here.

 

Western Australia – 9 May

On 9 May 2024, the Hon Rita Saffioti MLA, Deputy Premier, Treasurer, and Minister for Transport and Tourism, delivered Western Australia’s Labor Budget.

Western Australia is in the strongest position of any state in Australia. They are set to record a $3.2 billion surplus in 2023-24 and back it up with a $2.6 billion surplus in 2024-25.

This is Western Australia’s final State Budget before its March 2025 State Election.

Key budget initiatives included:

$762 million cost of living support package, including a $400 electricity credit for every household;

$1.1 billion in new investment to boost housing supply and affordability;

$3.2 billion investment in the WA’s health system;

$1.8 billion to diversify and decarbonise WA’s economy; and

$1.3 billion to boost education and training.

Access Budget Papers Here

 

Northern Territory – 14 May

Hours before Federal Treasurer Hon Jim Chalmers MP delivered the Federal Budget, the Hon Eva Lawler, Chief Minister, Treasurer of the NT, delivered the Northern Territory’s Budget.

This is the last territory budget before the 24 August 24 Election.

In line with the Territory’s current priorities, the Labor Government committed to invest:

$2.2 billion across the health portfolio;

$1.2 billion in public order and safety;

$723 million in social protection;

$350 million to meet the Schooling Resource Standard;

$1,000 for every first-year apprentice to buy workwear and equipment;

Access Budget Papers Here

 

South Australia – 6 June

South Australian Treasurer Hon. Stephen Mullighan MP also holds the portfolio responsibilities of Defence and Space Industries and handed down the State Labor Government’s 3^rd budget on June 6.

Headlined by surpluses in coming financial years, as well as:

$715 million for universal preschool for three-year-olds;

$576 million over 10-years to unlock new housing in Adelaide’s western, southern suburbs;

$255 million for cost-of-living relief including family payments and support for NGOs;

$220 million to upgrade two prisons, adding an additional 35 beds;

$58 million to build new ambulance stations and alleviate strain on hospitals; and

$40 million on policing, including a ‘digital police station’ to help free police of administrative tasks and put them back into the community.

Access Budget Papers Here

 

Queensland – 11 June

Later today (11 June 2024), the Hon Cameron Dick MP, Deputy Premier and Treasurer will deliver Queensland’s last budget before the State goes to the polls on 26 October 2024.

With the State election only months away, the Labor Government has already announced:

$2.8 billion for affordable housing;

$150 million to trial capping the cost of public transport at 50 cents per journey; and

a $1000 energy rebate for QLD households.

 

New South Wales – 18 June

Tuesday June 18 will be the second Budget for the NSW Labor Minns Government. While NSW remains Australia’s largest state economy, contributing over 30% of the Australia’s GDP, Treasurer, the Hon Daniel Mookhey MLC begun managing expectations in March, signalling that a surplus would be a miracle.

Already, the Government has announced:

$2 billion for Stage 2 of the Parramatta light;

$1 billion for roads connecting to the new International Airport and Bradfield City;

$800 million for revised soft landscaping (trees, shrubs, and turf) across the State’s major public parks and schools;

$447 million to upgrade Sydney’s Tangara trains; and

$111 million for a package to support community mental health.

 

Australian Capital Territory – 25 June

The ACT Labor/Greens Government will deliver its last Territory Budget on 25 June before Canberrans head to an election of the October 19.

This is expected to be a challenging budget. Chief Minister and Treasurer, the Hon Andrew Barr noted the ACT’s Budget deficit has increased by 75%, largely due to GST and payroll tax shortfalls.

 

Tasmania – 12 September

Due to the snap state election early this year, the Tasmanian State Budget will be the first of the minority Liberal State Government. Tasmanian Premier the Hon Jeremy Rockliff and Treasurer the Hon Michael Ferguson will need to work closely with the State Jacqui Lambie Network and Independents to gain critical ground.

 

Activating State Governments

Despite State and Territory governments being a vital part of Australia’s system of government, they are often engaged long after the Federal Government, if at all. State and Territory governments are often at the centre of service delivery, particularly within health and education. State and Territory governments are also strong advocates to their federal counterparts and able to advocate for changes across a broad range of federal policy areas.

For more information about the State and Territory budgets that effect you, or to discuss how your organisation could benefit from engaging state and territory governments, please do not hesitate to contact our team at enquiries@nexusapac.com.au.