The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
OtherStaff WriterTue 14 Jun 16

Queensland Budget: Foreign Investment Tax A Major Gamble

TUD+ MEMBER CONTENT
i
SHARE
print
Print

The Palaszczuk Queensland Government’s second Budget has been handed down with a promise of combined surpluses of $3.2billion over the next four years but also with the state’s total debt tipped to surge to $80 billion by the end of this decade.

State Treasurer Curtis Pitt has branded the budget as a ‘back to work’ budget with a focus on innovation, investment and infrastructure in order to provide a much-needed stimulus to the Queensland economy.

Some of the key components affecting the property industry include:-The Government’s new 3% transfer duty surcharge for foreign buyers of residential property will commence on 1 October 2016. The Government is expecting $15 million from the surcharge in the first year and $25 million annually to 2019-20. The Treasurer has indicated a 50% foreign owned threshold test will apply.

-$40 million has been committed to increase the First Home Buyers Grant from $15,000 to $20,000 for first home buyers purchasing newly constructed property under $750,000. The $5,000 increase will take effect on 1 July 2016 and apply for 12 months.

Queensland Treasurer Curtis Pitt.[/caption]-Transfer duty is expected to reach $3.06 billion this financial year, down slightly from last financial year's record $3.08 billion intake. Budget projects an average annual stamp duty growth rate of 5.2% over the four years to 2019–20.

-Land tax is estimated to grow by 7.3% in 2016-17 to $1.083 billion, with annual growth of 6.5% expected over the forward estimates. Neither the outdated land tax thresholds or the 2009 "temporary" land tax surcharge have been amended in this Budget.

-An additional $1.5 billion has been allocated to the State Infrastructure Fund, taking the total value to $2 billion over five years. $4 billion is being repatriated from the defined benefit superannuation scheme, half of which is being used to retire debt and the other half being used to fund infrastructure.

Two infrastructure highlights include:
-$50 million allocated to the Cross River Rail Delivery Authority, which is leading the Government's efforts to secure the critical project.
-$40 million in additional funding has been allocated to the North Queensland (Townsville) Sports Stadium, bringing the State’s contribution to the project to $140 million. Both major Federal parties have also pledged $100 million to the project, should they be elected.

-$57 million has been allocated for Better Planning for Queensland to; transition to the new planning system complete the integrated review of the State Planning Policy, the State Development Assessment Provisions and the Planning Regulation produce the draft South East Queensland Regional Plan.

-A $209.1 million capital program has been outlined aimed at modernising the State's social housing stock. This investment will involve; the completion of construction of 368 rental units; the purchase of 111 land lots; the commencement of construction of a further 277 rental units; upgrades to existing social housing.

ResidentialAustraliaPolicyPolicy
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/queensland-budget-foreign-investment-tax-a-major-gamble