THE Queensland government's budget update on Thursday is expected to reveal a significant downward revision to royalties.
The Mid-Year Fiscal and Economic Review (MYFER) is also expected to outline how the federal government's funding cuts to health and education in the state have impacted the bottom line.
"(Federal Treasurer Wayne Swan's) home state will bear 32 per cent of the overall reduction in commonwealth payments to state governments, which is well above a per capita calculation," Treasurer Tim Nicholls said.
"While recession in Europe and ongoing economic difficulties in the US have impacted Queensland's largest trading partners, our policies will help drive strong economic growth in Queensland."
Despite the setback, Mr Nicholls said the state was still on track to deliver a fiscal surplus in 2014/15.
The decision to lift coal royalties from October this year will help, with more than $1.6 billion expected to be raised from mining over four years.
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