Qld state housing and land tax scheme set for major shake up with post election review

The Queensland Treasury will undertake a post-election review of state taxes and charges impacting the property industry, as requested by the Property Council of Australia.

A review of state property taxes and charges will be undertaken after October’s Queensland election, Treasurer Cameron Dick has revealed.

Mr Dick on Monday night announced the review would be completed as requested by the Property Council of Australia, in an effort to deliver long-term improvement of economically sustainable housing supply, with a report expected as part of 2024-25 state budget.

The government will institute the review of Queensland’s tax settings in relation to the housing market, with a view to further increasing housing supply looking at potential reforms to state-based taxes and charges, and how those changes might affect housing supply, state revenues, and ongoing fiscal sustainability.

The post-election review was requested by the Property Council as part of its call to action.

Mr Dick said the treasury was always looking at Queensland’s tax settings to ensure they remained nationally and globally competitive.

“But given current housing market constraints, now is the right time to develop and undertake a review of the impact that state taxes and charges have on housing supply and the property sector,” he said.

“This review will need to consider potential unintended consequences that changing settings could have on property prices.”

He said the review would also look at the impact changes in revenue settings have on the state’s ongoing fiscal sustainability.

“Given that housing availability will continue to be a challenge for any future Queensland government, as requested by the Property Council, this review would be conducted after this year’s state election, with its results to be considered as part of the 2024-25 Queensland Budget,” he said.