Queensland Confidence Continues to Decline
For the first time since the survey’s inception, confidence across Queensland’s property industry has declined for the third consecutive quarter according to the latest ANZ/Property Council Confidence Survey.
Industry sentiment in Queensland has dropped from 118 index points to 113 index points, while national industry confidence has decreased from 123 index points to 115 index points.
Over the past 12 months, confidence in Queensland has declined 26 points on the index and is now at levels not seen since the post GFC period through 2011-13.
The Property Council’s Queensland Executive Director, Chris Mountford, says the decline in sentiment should be a big wake-up call in the lead up to the Queensland State Budget in June.
“Over the past 12 months, the industry’s expectations regarding national and state economic growth have dropped sharply,” Mr Mountford says.
“From a financing standpoint we have obviously seen much tighter lending requirements having an effect. But we shouldn’t forget that recent State budgets in Queensland have also piled on the pressure, significantly increasing taxes on property in this State. Its been a double whammy.”
“As the Government begins to work on the State Budget, policy makers should be ramping up efforts to support the property industry, restoring confidence in Queensland and creating new jobs.”
“It is imperative that the Queensland Government steps up and utilises this Budget to deliver policies that will remove obstacles to job creating investment. Eliminating bureaucratic red tape and alleviating heavy tax burdens is the first step.”
“Reversing Queensland’s additional land tax slug introduced in the last budget, abandoning the additional foreign acquirer duty which has driven away foreign investors, and restoring the full first home owners grant to $20,000 are actions that would go a long way in restoring industry confidence and generating activity.”
“Particularly in tougher economic times, Queensland needs to position itself as the most attractive place to invest in Australia. Recent decisions to follow other states down the higher taxes path has been to our detriment, and we need to correct our course.” explained Mr Mountford.
To view select ANZ/Property Council Survey historical data series, visit the Property Council’s Data Room
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence
Media contact: Chris Mountford | M 0408 469 734 | E [email protected]