Queensland has avoided a major budget deficit with the State Budget painting a rosier picture than what was outlined just six months ago.

The total debt was forecast to reach an eye-watering $130 billion, but it’s been forecast to hit $122 billion in 2023-2024.

Premier Annastacia Palaszczuk said the economy is booming.

“Queensland is roaring back,” she said.

$17 billion has been set aside for education, including 10 new schools as well as a $22 billion investment in health, to help address the ambulance ramping crisis.

CCIQ economist and policy advisor Jack Baxter said it was a “budget for skills”.

“If you’re a small business hoping for some policy reform or pay roll tax reform or grants as well, you’re in bad luck with this budget.”

Press PLAY to hear an economist’s reaction to the budget