Brisbane City Council 2020-2021 Budget
Brisbane City Council have today released their 2020-2021 budget. The budget is focused on supporting local businesses and residents in the wake of the COVID-19 pandemic.
The budget contains a commitment of no rate increases for six months following ongoing advocacy from the Property Council on this matter. A 2.5% rate increase will be implemented on 1 January 2021 for both residential and non-residential buildings.
In addition, Council announced a 12 month rates waiver for First Home Buyers purchasing newly constructed homes. This is on top of the existing 50% rates rebate for all First Home Buyers.
As part of the budget, the Lord Mayor flagged a 50% infrastructure charge rebate for green and energy-efficient residential buildings. The Property Council was advised that buildings would have to meet one of the following criteria:
- Achieve a 5 Green Star rating
- Produce no carbon output
- Meet the 31 elements of Buildings that Breathe
- Achieve a Green plot ratio
Council have also advised that they are considering amendments to the City Plan 2014 to reinforce this incentive though additional yield.
The Lord-Mayor also announced that Brisbane Marketing would be re-branded as the 'Brisbane Economic Development Agency'. The agency would be re-focused to deliver outcomes for the Council's Economic Recovery Taskforce and to support local business. This reflects the Council's commitment to proritising local skills and manufacturing following the COVID-19 pandemic.
Other key points of the Council's budget include:
- $3.3 million to finalise the Victoria Park draft vision this year and $83 million over four years to bring the vision to life
- $9.2 million to revitalise suburban precincts
- $300 million over four years to progress the Kangaroo Point and Breakfast Creek pedestrian bridges
- $16.6 million over four years to make the Brisbane CBD more pedestrian and cycle friendly in line with the ideas contained in the City Centre Master Plan and Adelaide Street Vision
- $14.6 million to deliver new and upgraded ferry terminals including the Howard Smith Wharves ferry terminal
- $21.7 million for projects to create jobs and boost local economic activity
Importantly, Brisbane City Council's budget remains in surplus, despite the impact of COVID-19.
To view the full detail of the Council's budget, please click here.