THIRTEEN WAYS TO ENERGISE QUEENSLAND’S ECONOMY
The Property Council has provided its 2020-2021 Pre-Budget submission to Queensland Treasury, suggesting measures the government can take to boost Queensland’s economy.
Currently, the Queensland economy is experiencing a series of headwinds that are hindering growth. With the extent of the Coronavirus impact still unknown, it is imperative that the Government provide fiscal policies that encourage and stimulate private sector investment.
Queensland’s property industry which accounts for $33.8 billion in GSP and directly creating 240,000 jobs, is well placed to create jobs and economic activity.
It is crucial that the government provides the right policy setting to allow the property industry to drive Queensland’s growth. In the budget submission, the Property Council outlined the following measures to achieve this:
- Removing the foreign land tax surcharge and additional foreign acquirer duty
- Resetting outdated land tax thresholds
- Increasing the first homeowner grant to $20,000
- Increasing the scope of the Build-to-rent pilot
- Releasing government owned land for development
- Leasing public assets to create additional revenue
- Reviewing land valuation methodology
- Cutting the strata termination threshold to 75%
- Increasing the maximum deposit for foreign buyers buying off the plan
- Expanding Investment facilitations partnership
- Implementing a strategy to cut energy costs
- Providing exemptions from the Queensland Waste levy
- Expanding stamp duty concession for off-the-plan sales
Th Property Council is committed to engaging with the government both before and after the delivery of the 2020-2021 state budget.
To view the Property Council’s pre-budget stimulus submission, please click the link below.