Queensland is on track for a record multibillion-dollar budget surplus, lifted by a higher than expected wave of coal royalties.

Higher coal prices, jobs growth and consumer spending will help Queensland stay in the black.

Treasurer Cameron Dick revealed today a $5.2 billion surplus in the coming financial year during his mid-year budget update.

He was asked about how the state’s bottom line will be impacted by the major redevelopment of the Gabba and Olympics infrastructure spending.

“What [Cameron Dick] did say was ‘well we’ve got a 50-50 agreement with the federal government for infrastructure funding’,” 9News senior reporter Tim Arvier said.

“And that’s exactly the agreement that Anthony Albanese started to move away from and wouldn’t commit to.”

Pressed further on the agreement, Mr Dick reiterated the comment.

“Maybe that means … the state government and federal government have talked on this, maybe we are about to see the federal government come to the party on that 50-50 funding agreement.”

Press PLAY below to hear his analysis in full