October 2026 Chamber of Commerce Newsletter
Statement From The Treasurer Regarding S&P Global Ratings
From the moment the Crisafulli Government was elected, I warned Queensland had inherited an inevitable credit rating downgrade after a decade of Labor’s fiscal vandalism. The decision by S&P Global Ratings and their rationale confirms what we’ve been warning is true.
The path to this downgrade was laid by Labor and Cameron Dick and it was set in stone by Jim Chalmers. S&P’s rationale confirms it.
Queensland’s budget performance score was cut in September 2024 following Labor’s final Budget, before the State was placed on a negative outlook in January 2025 when our first MYFER exposed the full extent of Labor’s debt, deficits and deception. This downgrade was baked into the books over the past 10 years. As such, financial market commentary suggests ratings risk has largely already been taken into account in market pricing.
S&P’s rationale clearly states that the increases in operating expenses that contributed to this downgrade were incurred by the former Labor Government. S&P also credited Queensland’s massive infrastructure pipeline – “major transportation projects, energy projects, hospital upgrades, and infrastructure for the 2032 Olympics and Paralympic Games” – as contributing to the downgrade.
These are the projects that Labor failed to budget for and failed to deliver.
The challenge of the new Queensland Government is correcting Labor’s decade of decline and delivering these critical projects for our growing State.
More recently, as S&P stated: “Property tax changes by the Australian government in its May Budget will also hit Queensland’s stamp duties” and “the deterioration in Queensland’s budgetary outcomes in recent years was due to a sharp rise in recurring operating expenses, and receding mining royalties and goods and services (GST) receipts.” In black and white facts, Canberra has contributed to this downgrade.
Our focus is on returning the Budget to surplus and delivering the infrastructure projects and services Queenslanders need. S&P stated we have softened the landing, meaning “deficits after capital accounts may peak slightly lower than we previously expected”.
This proves we have already delivered budget improvements in the past two years with improving deficits and a forecast surplus in 2029/30, lower debt and no new or increased taxes.
Almost $80 Million In Grants Up For Grabs For Queensland Manufacturers
The $79.1 million program is being delivered over three years to help small to medium-sized manufacturing businesses supercharge innovation and take the next step towards advanced manufacturing.
A total of $12.5 million is available in the second round, with eligible businesses able to apply for up to $1.5 million in matched funding.
The program has already attracted strong interest from industry, with 119 manufacturers applying for funding in the first round. Of the 18 successful recipients, 11 are based in regional Queensland.
Applications close on 25 November 2026. For more information, or to apply, visit https://www.business.qld.gov.au/industries/manufacturing-retail/manufacturing/grant-programs/transforming
Proposed $1.9 Billion Steel And Manufacturing Investments To Supercharge Queensland Jobs
The Crisafulli Government is backing almost $2 billion in private investment in Queensland’s steel, recycling and manufacturing industries, with three major projects declared Prescribed Projects to help drive jobs, investment and economic growth.
The Alter Steel Mill Project, Swanbank Steel Mill Project and Sims Metal Pinkenba Redevelopment Project will together deliver more than $1.9 billion in private-sector investment and support thousands of construction and operational jobs across Queensland.
The projects represent a major opportunity to strengthen Queensland’s sovereign industrial capability and build a more integrated local supply chain that recovers, processes and reuses recycled metal in Queensland.
They would also help strengthen supply chain resilience and support domestic steel manufacturing at a time when Queensland imports a significant proportion of its reinforcing steel and other steel products from interstate and overseas suppliers.
Each project will be assessed on its individual merits.
The Star Gold Coast Licence Suspension Deferred To 2027
The Crisafulli Government has extended the deferral of The Star Gold Coast’s casino licence suspension until 31 March 2027, following careful consideration of the latest independent advice from Special Manager, Mr Nicholas Weeks.
The Star Gold Coast’s casino licence was due to be suspended for 90 days from 30 September 2026.
In extending the deferral, the Crisafulli Government considered both the latest independent report and supplementary advice prepared by Mr Weeks, and The Star’s progress in addressing outstanding remediation requirements.
In his latest August Report, Mr Weeks acknowledged The Star had made significant progress across its key remediation and reform initiatives, while noting that several priority remediation matters remain in progress.
Mr Weeks also recognised several important developments since his previous report, including implementation of a range of organisational and financial reforms.
The six-month deferral allows The Star to continue progressing the outstanding commitments identified in its remediation plan.
The deferral also allows the Special Manager to continue independently observing the implementation of remediation measures and the effectiveness of reforms, to inform future decisions regarding the casino’s operations.
As always, if you have any State issues you would like to discuss with me, don’t hesitate to contact my office.
Address: 1/2434 Gold Coast Highway, Mermaid Beach, 4218, QLD
Phone: 07 5600 0100
Email: mermaid.beach@parliament.qld.gov.au
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Cheers Ray
