The Queensland government will invest up to $6 billion in a pumped hydro project as part of the 2023 state Budget after delivering the largest surplus of any state or territory government.
Queensland’s 2023-24 state Budget, released on Tuesday, presents a surplus of $12.3 billion last financial year, buoyed by increased coal royalties due to high prices.
Coal royalties are expected to total $15.3 billion in financial year 2022-23, more than double the $7.2 billion in 2021-22.
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