The state's Liberal National government handed down its second budget, offering cost of living relief and no new taxes despite ramping up its 2032 preparation.
The budget on Tuesday pledged a record $119.2 billion building program for hospitals, roads, housing and venues for the 2032 Olympic and Paralympic Games.
"We are delivering what we said we would, with the hospitals, schools, generational infrastructure, housing and police we promised, all with no new or increased taxes," Treasurer David Janetzki told parliament.
Record capital works were needed to cope with both the Games countdown and long‑term growth, he said.
"We've got record capital expenditure that we need, because of the Games, but also the generational infrastructure that lies around it – roads and rails," Mr Janetzki told AAP.
As part of the $7.1 billion Games Delivery Plan, $765 million next year will go toward the Victoria Park main stadium, athletes' villages and venues across the state.
Total state debt is expected to reach $142.4 billion this year and climb to $216.5 billion by 2029‑30 - $73.5 billion lower than the path the previous Labor government had set, the government said.
However the budget predicted a return to a net operating surplus of $619 million for 2029-30.
"I can today announce an operating surplus in the last of the budget years of 2029-30," Mr Janetzki said.
"As foreshadowed last year, this surplus is possible because of stable revenue improvements, the careful management of expense growth and a growing Queensland economy.
"Lower debt, improving deficits, with a pathway to surplus and no new or increased taxes - just as we promised."
He cited external pressures like the Middle East conflict and Canberra moves to push more costs onto the states through natural disaster funding and the National Disability Insurance Scheme.
But he said the government was still able to deliver "the largest ongoing cost‑of‑living relief package in Queensland's history" with nearly $9.3 billion in concessions next year - about $700 million more than last year.
Typical household electricity prices are forecast to fall between seven and 10 per cent in 2026‑27, and small business bills by eight to 14 per cent, as a $5.2 billion Energy Roadmap rolls out and lower Ergon tariffs are passed through in full.
The vulnerable household electricity rebate will rise by 3.4 per cent to almost $400, helping about 700,000 households, while bulk water prices in southeast Queensland will be frozen for two years from July 2026.
Families will get a 50 per cent increase in the Back to School Boost to $150 for every primary school student to help cover uniforms, books and excursions.
Parents can also apply for $200 Play On sports vouchers, and the government will legislate permanent 50 cent public transport fares so future governments cannot easily undo them.
The budget keeps funding 15 hours a week of free kindergarten for all four‑year‑olds for up to 40 weeks a year and expands free health checks for children in kindy.
A record $35.5 billion health budget was unveiled along with a fully funded Hospital Rescue Plan.
Education funding rises to $23.1 billion, including $2.3 billion for 22 new schools, nine of them special schools, to meet population growth and give parents more choice.
Housing gets a record $5.7 billion for social and community homes, supporting about 6,500 dwellings already under way and a longer‑term goal of 53,500 homes by 2044, with a fast‑tracked $2 billion Residential Activation Fund to unlock land sooner.
A Critical Minerals Program will back projects and infrastructure to speed up the extraction, processing and export of in‑demand critical minerals, while a Fuel Security Plan aims to fast‑track the Taroom Trough and boost local refining and storage.
"We haven't taken the easy road, haven't found justifications to whack people with new taxes under the cover of global crises, we're on your side," Queensland Premier David Crisafulli said.
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