Labor to increase taxes on luxury cars, large properties and online bets

Queensland Labor would raise more cash to deliver on its promises by increasing taxes on the rich.

Treasurer Curtis Pitt said Labor's revenue measures would not impact on about 99 per cent of Queenslanders.

Treasurer Curtis Pitt releasing Labor's costings on Thursday afternoon.Credit: Alex Ellinghausen

"Our revenue measures won't impact on the average Queensland family," he said.

Labor would raise the existing 3 per cent transfer duty surcharge applied to foreign buyers of Queensland property to 7 per cent, expected to deliver an extra $33 million a year.

A new land tax category would cover an estimated 850 large property holdings - not farms - worth above $10 million at a rate of 2.25 per cent for individuals and 2.5 per cent for trusts, companies, or absentee landholders.

It would exclude the principal place of residents and would raise $227 million over three years.

An additional 2 per cent of dutiable value would be added to the transfer duty costs for buyers of new cars with a price tag of more than $100,000, expected to raise more than $75 million over three years.

"If you can afford a $100,000 vehicle, you can afford to pay your way," Mr Pitt said.

A 15 per cent charge on the net wagering revenue of betting companies offering services to Queenslanders would also be enforced.

It would apply to all bets placed in Queensland with betting companies based in the Northern Territory, raising $90 million over three years.

Labor has made $2.8 billion worth of commitments over the forwards estimates, including $1.38 billion in recurrent spending, and $1.4 billion in capital works.

A re-elected Labor government would also target a 1 per cent reprioritisation measure in the public service to help fund commitments, by looking at consultancies, advertising and office space, but it would not include forced or voluntary redundancies.

The Department of Health would be excluded from the measure, which would result in $1 billion worth of reprioritisations over the four years of the forward estimates.

Debt would still increase every year, although was predicted to come in $135 million lower than the $81 billion forecast in the budget for 2020-21.

Labor's costings were independently verified by accounting firm Charterpoint.

Lottoland chief executive officer Luke Brill said the company was always willing to pay its fair share of tax but the framework had not been in place.

"With this move, every time a punter places a bet with Lottoland in Queensland, we will be able to contribute to important infrastructure and community projects in the state," he said.

The LNP is due to release its costings later on Thursday afternoon.

Meanwhile, One Nation leader Steve Dickson released a less than one-page statement on Thursday of the party's "budget savings".

Among the proposed savings include reallocating Cross River Rail funds of $5.4 billion, reviewing government consultancies, travel, advertising and contractors of $300 million, and cutting the renewable energy program and renewable energy target, which the party said would save $1 billion.

More to come...