Government s swift action on foreign investment welcomed by industry

Government’s swift action on foreign investment welcomed by industryThe Property Council of Australia applauds the decisive action taken by the Queensland Government in immediately ruling out new State taxes on foreign investors.Alarm bells rang across the property industry following the Victorian Government’s decision to ratchet up stamp duty and land tax on investors in their State budget. This came at the same time as the Federal Government’s decision to impose excessive fees on foreign investors, according to Chris Mountford, Queensland Executive Director of the Property Council of Australia. “By immediately ruling out new taxes on investment and maintaining their commitment to no new or increased taxes, fees or charges, the Queensland Government will boost confidence and certainty for the property industry and investors in Queensland,” Mr Mountford says.”Foreign investment is an important part of Queensland’s economy and will be critical if the Government is going to fulfil its election pledge to strengthen the Queensland economy and create jobs. “Foreign investment in property boosts housing supply and in doing so creates jobs and provides Queenslanders with more affordable housing.”Everyone – Government and industry alike – agrees that the key to improving housing affordability is to build more houses faster to take pressure off prices.”Investment from foreigners in new housing construction is a key part of this equation. Without investment in the upfront stages of development, new projects are often unable to proceed.”This action will also strengthen Queensland’s position on the global investment map. In particular it creates a compelling case to invest in Queensland over Victoria.”The Property Council Media Release can be found at the PDF link below.