Treasurer Tim Nicholls
Treasurer Tim Nicholls

Treasurer warns of black hole

THE Queensland Treasurer, Tim Nicholls, has warned there will be some ''big surprises'' in the first report of the Peter Costello-led commission auditing the state's finances.

The extent of the deterioration of Queensland's financial position uncovered by the commission will be revealed on Friday.

Mr Nicholls has told colleagues to expect ''a couple of big surprises'' in the commission's preliminary report, which will inform the crafting of the Newman government's first budget.
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Treasury staff ''were queueing up to show [the audit commission] where the bodies were buried'', The Sun-Herald has been told.

''They all want to protect their reputation; they've spilled their guts,'' a Liberal National Party source said. ''They've shown us everything that was done to cook the books.