Focus on boosting housing supply welcomed

The Property Council has long maintained that increasing the number of homes coming to market is the best response to our state’s deepening housing crisis and the only way to address the root of the affordability problem.

Property Council Queensland Executive Director Jess Caire said all the initiatives announced in today’s speech would be welcomed by industry if implemented.

“There is universal agreement from the diverse stakeholders invested in solving this crisis that a supply side focus is the way forward, policies aimed at making it easier and more affordable to bring new homes to market sooner should be implemented, the announcements made in today’s budget reply speech have the power to do exactly that,” Ms Caire said.

“Ensuring every Queenslander has a place to call home cannot be a political football being kicked around in the lead up to the election – the delivery of new homes for Queenslanders must be the number one priority for government, industry and the community.

“And if there are good policy initiatives on the table they should be adopted – regardless of where the idea came from.

“Taking a page from South Australia’s book and abolishing stamp duty on new homes is a smart policy, as is the call to free up faith-based land for housing – it is a good step towards building community support for much needed housing developments and a policy we have long advocated for.

“This year’s State Budget shows that just under 39 per cent of taxation revenue comes from the property industry, and if more isn’t done to deliver supply to market this gold mine for government will all but dry up.

“Which is why the government’s announcement to increase taxes on Australian based developers with over 50 per cent foreign ownership is counterintuitive – these companies, well known household names, deliver a vast majority of our dwellings,” she said.

Early modelling from the Property Council shows that these taxes have already lost Queensland tens of thousands of homes, with the increases contained in the 2024-25 Queensland Budget jeopardising many thousands more.

“Queensland’s current tax settings are contrary to the goal of putting a roof over every Queenslander’s head – which is why we have been strong advocates for a holistic review,” she said.

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