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Queensland Budget 2020: Property Market Wrap-Up

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Property tax concessions are notably absent from the Queensland budget as the state details its plans for the year to come.

Instead 86,000 interstate migrants, health and education investments as well as infrastructure spending are expected to boost the state economy.

The Queensland budget follows New South Wales and Victorian budgets, which made way for property tax reforms and discounts particularly in the build-to-rent sector.

In lieu of this, Queensland will continue its build-to-rent pilot program with Mirvac and Frasers Property Australia who are creating two projects in Newstead and Fortitude Valley.

This is on top of a $100 million Works for Tradies program over two years to deliver social housing through the state.

State treasurer Cameron Dick said they are performing better than expected with employment initially forecast to grow at 3.5 per cent now forecast at 6.75 per cent to mid-2021.

“The successful health response in Australia, including in Queensland, has allowed a greater than anticipated rebound in domestic economic activity ,” Dick said.

“The next four years will be a hard road for Queensland as we recover from Covid-19.

“The opening of our borders today is a signal of hope and a sign of confidence in the plan that has brought us this far.

“It means more flights, more accommodation bookings, more activity to support jobs throughout our tourist regions.”

▲ Annastacia Palaszczuk and Cameron Dick deliver the Queensland Budget for 2021.
▲ Annastacia Palaszczuk and Cameron Dick deliver the Queensland Budget for 2021.

The Queensland government will spend $74 million on tourism recovery and a strong focus on growing regional areas as more than half the population resides outside south-east Queensland.

There is $6.3 billion in infrastructure spending in the budget for the Bruce Highway, Pacific Motorway and Ipswich Highway as well as funding for the Cross River Rail, Gold Coast Light Rail and north coast light rail between Beerburrum and Nambour.

A record $21.8 billion will be spent on health with satellite hospitals in Redlands, Brisbane’s south side, Pine Rivers, the Gold Coast, Ipswich, Caboolture and Bribie Island.

Another big construction project to start this financial year will be the $654 million expansion of the Southern Queensland Correctional Precinct near Gatton to create a 1,000-bed correctional centre.

Property Council Queensland executive director Chris Mountford said ultimately the 2021 state budget was missed opportunity for build-to-rent initiatives and tax reforms.

“These targeted incentives will create new revenue streams, while delivering much-needed construction jobs and quality rental accommodation,” Mountford said.

“With Queensland set to be the beneficiary of unprecedented interstate migration, this is exactly the type of private sector projects we should be seeking to attract. ”

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Article originally posted at: https://theurbandeveloper.com/articles/queensland-budget-2021-property-tax