The Queensland budget is set to take a $3 billion hit over the next four years on the back of falling mining royalties.
Making the announcement yesterday, Queensland Treasurer Curtis Pitt said weak commodity prices and softening global demand was to blame for the $2.98 billion mining royalty write-down.
"Weaker commodity prices and a softer global outlook will hit the state's resources sector," Pitt said.
Despite this, Pitt said his maiden budget was one that shows “how Queensland can grow our way to prosperity”.
"We will do this by investing in jobs – our human capital, by investing in science and innovation, by delivering an operating surplus, and by taking a responsible approach to debt reduction."
Pitt will hand down the budget on July 14.