Qld govt may cut super top-ups for budget

The Treasurer has ruled out dipping into the $36 billion public servant super pot, but he's ambiguous about whether there will be a "contribution holiday".

Queensland's treasurer is expected to change contributions to public servant super to free up cash for his first budget.

Treasurer Curtis Pitt has ruled out dipping into the overall $36 billion superannuation pot, but he's been deliberately ambiguous about the state government's annual top-ups.

Figures show the government could save up to $914 million if it pauses super contributions in 2014/15.

The scheme is already more than 100 per cent funded and would still be $5 billion in the black if the government had a "contribution holiday" for one year.

Mr Pitt couldn't rule out a pause when asked specifically about it on budget eve.

"You're going to have to wait to see what the budget delivers, of course there are a range of components to this," he told AAP on Monday.

Opposition health spokesman Mark McArdle said the news was extremely concerning for all public servants.

"The super funds are sacrosanct; they're owned by the employees and they should not be dealt with or touched in a manner that could jeopardise payments down the track," he said.

The speculation about super changes overshadowed Premier Annastacia Palaszczuk unveiling her big-picture plan for the state's economic future, called Advance Queensland, earlier on Monday.

The government announced it had budgeted $180 million for attracting investment, partnerships and stopping brain drain in the technology, innovation and research sectors.

Ms Palaszczuk admitted jobs wouldn't be created immediately, but insisted the policy was about "playing the long game" and laying the groundwork for the state's future economy.

"Traditional strengths need to be fostered and encouraged, but we must open our eyes to new possibilities," she said.

"Our main competitors are investing heavily in innovation, science and tackling the challenges of this century and the next. We can't just follow the pack, we need to lead the pack."

Queensland has been approaching a difficult economic period as major liquefied natural gas projects move from the construction to the operational phase, offloading thousands of workers.

The mining and agriculture sectors have also been weakened because of low commodity prices and ongoing drought.

The government has already announced it will need to write-down almost $3 billion in mining royalties over the next four years.

The budget is due to be handed down on Tuesday.


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Source: AAP


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