Thanks to the Queensland Government’s progressive royalties regime, which brought in an extra $10.5 billion amidst high coal and gas prices, the state has achieved a historic surplus of $12.3 billion for 2022/23, the largest ever recorded for any state or territory. The Treasurer, Cameron Dick, announced that low-income households, such as pensioners, may not need to pay anything for electricity in the next financial year due to an increase in the electricity bill rebate to $550 for all households, up from $175, and more than $1000 for eligible concession holders. In addition, the state will provide 15 hours a week of free kindergarten for all four-year-olds, a measure costing $645 million over four years that will save an average of $4600 for many Queensland families. The government also announced a boost of more than nine percent to reduce ambulance ramping and emergency department wait times, $1.1 billion to increase social housing, including $322 million for an additional 500 social homes, and a forecasted infrastructure spending of $89 billion over four years, including infrastructure for the 2032 Olympics. Despite the surplus, the royalties bonanza is not expected to continue, and revenue is forecasted to fall sharply in 2023/24, resulting in a projected deficit of $2 billion.