Queensland Treasurer David Janetzki’s first budget includes a new shared equity scheme for first home buyers that could get them into the housing market with a deposit as low as 2 per cent of the purchase price.

The state is forecasting a deficit of $8.6 billion next year, shrinking to $1.1 billion by 2029, as the Liberal National Party cuts back on cost-of-living spending measures and a renewable energy project.

● The Queensland Budget projects that there will be a deficit of $8.6 billion in 2025-26, but that will fall back to just $1.1 billion in 2028-29.

● The size of government debt is expected to grow until it is more than $200 billion in2028-29.

● Unlike the last Liberal National Party government, David Janetzki’s first budget does not cut public servants or services, instead investing in infrastructure and improving services.

● Over $100 billion has been budgeted for infrastructure spending - new and improved roads and bridges, as well as railway improvements connecting the Gold Coast toLogan and the Sunshine Coast to the rest of the south-east.

● $18.5 billion will be spent over five years to build three new hospitals and upgrade ten others.

● $4.7 billion has been budgeted to deliver the Olympic Games, including the construction of venues and athlete villages.

● The government is investing in an increase in crisis accommodation and a continued increase in budgets for domestic violence services, while also commencing a shared equity plan whereby the government would take a stake in home ownership, thus allowing some people to buy their first home with a deposit as small as 2%.