New research released by the Property Council of Australia has revealed the Queensland Government has benefitted from an extra $3.5 billion in transfer duty receipts alone over the past three years.
Property Council of Australia Queensland Division Executive Director Jess Caire said research showed the excessive taxes, fees and charges that make up one third of the price of a new home in Queensland was yielding significant revenue for the government.
“Our research shows that over the past three years the government has received an additional $3.5 billion more than they budgeted in transfer duty and land tax alone, representing a 29 per cent increase in receipts over the forecast,” she said.
“To put this figure into perspective, the seven new Satellite Hospitals in Tugun, Redlands, Eight Mile Plains, Bribie Island, Caboolture, Kallangur and Ripley currently being delivered by the government are budgeted to cost $377 million.
“At a time when Queenslanders are struggling to make ends meet and put a roof over their families head, the government is cashing in a massive windfall. It’s very clear that these taxes are in surplus and can be reduced to help bring an end to the housing crisis and restore affordability.”
Ms Caire said while taxes were critical to providing the projects and services Queensland needs, it was important to balance the need for more revenue with the need for more housing.
“It has never been harder or more expensive to deliver new homes in Queensland, which we are seeing in the record low number of homes being delivered across the state,” she said.
“Recently we released research that showed the Brisbane apartment pipeline was set to dry up with no new projects expected after next year. While taxes are important to fund the services needed across Queensland, no property being delivered means no money is being raised to fund these services.
“There needs to be a sensible balance that attracts investment in new homes and apartments, while funding the services needed across the state, and we are calling on the government to work with us to strike that balance.”
Ms Caire said the Property Council was also calling on the government to reinvest the money raised through property to deliver the infrastructure needed to support the growth.
“As Queensland grows there will undoubtedly be property related tax income raised from that growth. It’s important Queenslanders have visibility on how much is being raised and how it is being reinvested to support that growth.
“We are calling on the government to quarantine its extraordinary stamp duty and land tax windfalls into a transparent Queensland growth fund committed to delivering the projects, and attracting the investment, our growing state needs.”
