Queensland election 2017: Labor to announce betting and lottery tax

TREASURER Curtis Pitt has outlined four new taxes and more than $1 billion funding reprioritisations to help Labor pay for its election commitments.

The Palaszczuk Government will announce the new tax this afternoon. Picture: AAP Image/Dan Peled

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TREASURER Curtis Pitt has outlined four new taxes and more than $1 billion funding reprioritisations to help Labor pay for its election commitments.

Mr Pitt handed down the party’s election costings this afternoon, revealing a re-elected Labor Government would increase the foreign acquirer duty from 3 per cent to 7 per cent to raise $99 million over three years.

Land tax would also increase by 2.5 per cent on holdings of more than $10 million to raise $227 million and the motor vehicle duty will increase by $2 for every $100 over $100,000 in a bid to raise $90 million.

Treasurer Curtis Pitt handed down the Labor Party’s election costings this afternoon. Picture: Stewart McLean

The Government revealed early today it would also introduce a new “point of consumption” wagering tax to raise $90 million over three years.

He said the Government would also attempt to find more than $1 billion in savings over four years but insisted that would not include either forced or voluntary redundancies.

He said government advertising would be among the areas targeted for cost cutting.

Health would be quarantined.

Mr Pitt did not reveal any new plans to tackle debt, however.

His documents revealed total government debt was expected to reach $80.872 billion by 20/21 — just $135 million less than the $81 billion figure initially forecast.

The Courier-Mail earlier reported the Palaszczuk Government plans a shock 15 per cent betting and lottery tax raising $90 million over three years.

Tatts Group, state bookies and the Golden Casket will be spared the new levy on betting losses booked for July 1 next year with a tax-neutral scheme.

The new 15 per cent tax will mirror a similar tax regime levied on all bets in South Australia from July 2017.

Treasurer Curtis Pitt announced the new betting taxes on Darwin bookies this afternoon with Labor sources telling The Courier-Mail “this is about levelling the playing field”.

Queensland’s new betting tax also targets Gibraltar-based Lottoland which bets on lottery results worldwide.

Sports and novelty bets including elections will be swept up in the tax blitz.

Up to 18 corporate bookies take bets from Darwin but pay only $10 million pa in local tax.

Lottoland CEO Luke Brill said his company welcomed Labor’s new wagering tax.

“Lottoland has always been willing to pay its fair share of tax in Australia but the framework has not been in place,” Mr Brill said in a statement.

“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.

“We acknowledge it is unusual for a company to endorse a new tax but from day one we’ve said, ‘tax us, don’t ban us’, so we fully support this initiative.”

Peter Cameron is a Sunday Mail columnist