Queenslanders are facing substantial financial burdens, with an alarming impact on over 2,300 vulnerable children throughout the state.

A critical report by KPMG, commissioned by the Child Safety Inquiry, has unveiled that several service providers have been operating without adequate government supervision or regulation.

Over the past decade, the cost of residential care has skyrocketed from $200 million to a staggering $1.1 billion.

If no reforms are implemented, projections suggest this figure could soar to $7 billion by 2030.

The investigation also uncovered that some company CEOs are awarding themselves disproportionately high salaries, with figures ranging from $400,000 to $679,000 annually.

In a particularly egregious example, one executive received 21 percent of the company’s total revenue, all of which was funded by government resources.

Instead of funding vital care for children, the report found one provider spent $340,000 on luxury items including $242,000 on gold, $100,000 on cryptocurrency and two Mercedes Benz cars.

“It’s just beggars belief how that can happen,” child protection reformist Hetty Johnston told 9News.

“What we want now is action. What we don’t want now is just to wait for another set of inquiry, recommendations to come down and then wait for the government to respond.”

What’s shocking is that 68 per cent of operators are unlicenced and one of those organisations received nearly $34 million in funding last financial year.

These findings will now play a vital role in the final two weeks of the Child Safety Commission of Inquiry , starting on Tuesday.

Recommendations will be handed down on May 22.

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