Queensland’s economy teeters on edge of ratings downgrade despite coal royalty windfall

Queensland treasurer David Janetzki has promised a budget surplus in 2029-30, the year after the state’s next election – but only after years of billion-dollar deficits. Photograph: Darren England/AAP

Queensland’s treasurer says he’s “not giving up” on halting a ratings downgrade of the state’s finances after handing down a budget full of red ink, amid predictions state borrowing will top $200bn in three years.

David Janetzki promised a budget surplus in 2029-30, the year after the state’s next election – but only after years of billion-dollar deficits, including a $6.17bn shortfall this year.