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 % rates rebate for all First Home Buyers.

 

As part of the budget, the Lord Mayor flagged a % 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.