Annual Treasurer’s Address
Queensland Treasurer, Hon Curtis Pitt MP, was welcomed for his second annual address to the Property Council on Wednesday 24 August.
With slightly over a month until the State Government’s new additional foreign acquirer duty comes into effect, industry was keen to hear the details of potential exemption guidelines.
The Treasurer pointed to the reduction of the State’s debt and progress towards employment targets as the Government’s main achievements to date. Future growth in the property industry was highlighted by the Treasurer as a crucial ingredient in the Government’s plan for the economy.
In addressing the additional foreign acquirer duty, the Treasurer acknowledged the work being undertaken by the Property Council in assisting the Government develop ex gratia exemption guidelines which will limit the impact of the new tax on significant Queensland developers.
The Treasurer made two clear concessions in relation to the new tax:
- The definition of a significant development will need to vary depending on where it occurs in Queensland
- Future legislative amendments may be required to enshrine the new exemption framework
The Property Council thanks the Treasurer for taking the time to address the property industry, and Turner and Townsend for their sponsorship of the Annual Treasurer’s Address.
Pictures from the event can be found here.
Sponsor: