Queensland’s fiscal position in the 1990s was by any measure the strongest of all the Australian states, largely due to the application of fiscal principles which became known as ‘The Trilogy’. While the wording changed over time, the three core elements remained: 1. Fully funding long term liabilities such as superannuation and workers’ compensation 2. Borrowing only for assets that generated an income stream sufficient to service the debt 3. Maintaining Queensland as the ‘low tax State’.