LOSER: The bottom line The government is forecasting a net operating deficit of $8.581 billion in the 2025-26 financial year, which differs from the $6.926 billion deficit projected in January's Mid-Year Fiscal and Economic Review. Treasurer David Janetzki says the deficit is driven by a "sharp drop in forecast GST revenue" as well as delivering on the government's promise to deliver jobs and services. While the operating deficit is expected to progressively improve to $1.08 billion by 2028-29, there is no surplus forecast in the forward estimates. Mr Janetzki says the government is "laying the foundation of a pathway to surplus". Queensland's net debt is forecast to reach $205.7 billion at the end of the forward estimates in 2028-29. The treasurer says this is an improvement from the $218 billion debt forecast at its mid-year budget update in January. However, at the time Labor accused the LNP of making its mid-year budget update "as bad as possible". The state's total revenue from taxes, royalties and GST is expected to be $51.515 billion in 2025-26, which is $353 million lower than in 2024-25. Over the forward estimates, royalties are expected to be "materially lower" than in 2022-23 and 2023-24. Mr Janetzki says Queensland is set to face "significant revenue headwinds", driven in part by declining coal royalties. Coal royalties are expected to total $5.494 billion at the end of June, which is $5.027 billion lower than the amount collected in the 2023-24 financial year. The treasurer says the government is "front-loading" the investment into services and jobs so Queenslanders "can reap the benefits sooner". NEUTRAL: Infrastructure A record $9 billion will be invested in restoring the Bruce Highway, in partnership with the Commonwealth. The state government has committed an additional $1.8 billion towards the Bruce Highway targeted safety program, with $7.2 billion from the federal government. The infrastructure pipeline, worth almost $42 billion, includes funding for the Barron River Bridge, Logan and Gold Coast fast rail, and Mooloolah River interchange. WINNER: Olympics The budget includes $4.7 billion for the Olympic and Paralympic Games over four years. This includes $3.8 billion for venues, including the 63,000-seat Victoria Park stadium, the Sunshine Coast stadium and indoor sport centres in Moreton Bay and Logan. Of the 4.7 billion, $950 million will go towards building athlete villages in Brisbane, the Sunshine Coast, the Gold Coast and Rockhampton, as well as upgrades to the RNA Showgrounds. The state government has vowed to keep the budget for venues within a $7.1 billion funding envelope, which includes Commonwealth contributions. WINNER: Crime prevention The government has budgeted $50 million over five years for four crime prevention schools for at-risk youths. The schools will be based on the Gold Coast, Townsville, Rockhampton, and Ipswich. Gold Coast-based Men of Business will be the first crime prevention school, with $10 million over five years to go towards expanding their existing academy to grades 7 to 12. Youth Justice Minister Laura Gerber said on Monday the government would be calling for tenders to operate the other schools later this year. The budget includes $147.9 million for police equipment, including tasers, body-worn cameras, lifesaving tactical first aid kits, and more than 1,500 tyre deflation devices. LOSER: Energy The government has reduced funding for the Borumba Pumped Hydro Project from $8 billion to $3 billion in the forward estimates. The $3 billion committed will include $355.2 million in the 2025-26 financial year for early works. The government delivered on its promise to scrap the Pioneer-Burdekin Pumped Hydro Project and has instead committed to smaller pumped hydro projects. The government is investing $79 million for ongoing developments at Mt Rawdon and Stanwell, and will continue work on a Capricornia project, in partnership with the private sector. Queenslanders will lose the $1,000 saving on electricity bills introduced as a short-term measure by Labor last year, which will not continue. The electricity rebate scheme for vulnerable households, including seniors, pensioners and concession card holders, will increase by $14 to $386 with the government restoring annual indexation. As Mr Janetzki revealed in Townsville earlier this month, $2.4 billion has been committed to the CopperString project by 2028-29. But earlier this year the government announced a major change to the scope of the project — with Powerlink to start construction on the Hughenden-to-Townsville section of the project, while private investment was being sought to construct the Hughenden-to-Mount Isa section through the Queensland Investment Commission. In 2025-26, $479 million is allocated for CS Energy to continue development of the 400-megawatt Brigalow Gas Peaker to be located near Chinchilla. WINNER: Government efficiency The Queensland Government Consultancy Services (QGCS) will begin from July 1, as the government acts on its election promise to slash the cost of outside consultancy services. The government says this will result in a saving of $681 million in the 2024-25 financial year based on what the previous government had planned to spend. The QGCS marks the start of the government's uphill climb to claw back $6.8 billion in consultancy costs over four years, as promised in last year's election campaign. The treasurer insists he's confident these savings will be delivered within four years. The government has allocated $15 million over two years to support the initial establishment, recruitment and operating costs of QGCS, until it becomes self-sustaining. LOSER: Cost of living Mr Janetzki says this budget delivers "targeted and responsible" cost-of-living relief to "those who need it most". However, sweeteners introduced in Labor's pre-election budget last year are gone as expected. All Queensland government fees and charges, including vehicle registration, will be hiked by 3.4 per cent and remain at that rate for the next four years. The increase to car registration will come into effect from September 16 when the 20 per cent discount applied by the former Labor government ends. The 3.4 per cent rise to all other fees and charges will begin on July 1 and will apply to a range of state government products, such as driver's licences. For example, the increase will see the cost of a five-year driver's licence climb from $198.35 to roughly $205.10. But the government has included measures that will offer some relief to families, including $100 for every primary school student and $200 sport vouchers for kids (see the families card), and measures to make it easier to enter the property market (see first home buyers card). As promised, 50-cent public transport fares will continue. WINNER: Health and hospitals The budget includes more than $33 billion in the public health system next financial year. The budget will also include an investment of more than $18 billion in health infrastructure over the next five financial years. More than $5 billion of that will fund the construction of the new Coomera Hospital, as well as the expansions of the Redcliffe and Townsville Hospitals. The government stated its record investment is a more than 10 per cent increase in funding from this financial year, when its Labor predecessors committed almost $29 billion. The LNP's Hospital Rescue Plan will roll out more than 2,600 new hospital beds across Queensland. Queensland Health's operational budget over the next four financial years will be increased by more than $6.5 billion. WINNER: First home buyers The government has announced Queensland's "Boost to Buy" home equity scheme, which the government is billing as "nation leading". Under the scheme, the government will invest 30 per cent equity for new builds and 25 per cent for existing homes up to the value of $1 million in both regional and metro areas. This will allow Queenslanders to purchase a home with a 2 per cent deposit. Singles earning up to $150,000 and households with two adults earning up to $225,000 will be eligible under the $165 million program. It will be capped with 1,000 spots available, with registrations opening from July 1 to express interest. Mr Janetzki says he wants this to "reduce the deposit gap", with the potential for the scheme to be expanded in the future. In another win for those looking to get into the housing market, the $30,000 first home buyers grant that was due to expire at the end of the month will be extended to June 2026. WINNER: Families Families will be given $100 for every primary school student from January 1 to help cover the cost of essentials. The Back to School Boost will be funded at the cost of $47.1 million in the 2025-26 financial year, which will cover students from Prep to Year 6 attending both government and non-government primary schools. This is in addition to $200 sport vouchers for children aged between 5 and 17 to participate in either a summer or winter sport. As the government announced last week, it is allocating $62.5 million each year for four years for the "Play On!" vouchers. Each child is eligible for one $200 voucher each year for either a summer or winter sport. A program for free health at kindergarten will receive $37.5 million over five years. The vision, hearing and speech assessments will be piloted in a select number of kindies in Townsville from October 2025, before ramping up across Queensland by the end of 2027. LOSER: Social housing The treasurer says this year's budget "lays the foundations" for its plan to deliver 2,000 new community homes a year over its first term. It's aiming to build 53,500 homes by 2044, meaning that target will need to rise sometime in the future. It's also worth noting there are already 52,000 Queenslanders on the social housing wait list. WINNER: Homelessness services As announced last week, the government has allocated almost $600 million in new funding for the homeless sector. It has allocated $152.6 million in the upcoming financial year but then the expenditure plummets. But there is a caveat — the funding will be dramatically reduced to $29.6 million in the 2026-27 financial year, before jumping to $38.13 million in 2027-28 and $39.85 million in 2028-29. As part of his budgeting messaging, Mr Janetzki has said the government is "front-loading" the budget to deliver timely services. As part of his budgeting messaging Mr Janetzki has said the government is "frontloading" the budget to deliver timely services. The overall boost for homelessness services includes a 20 per cent uplift in funding for specialist services, locked in for the next four years — an increase of $209 million. The funding will also deliver an extra $365 million for crisis accommodation and to support the head leasing of properties.