Queensland Election 2017: Labor announces new taxes to pay for promises
LABOR has unveiled an election-eve plan to bring in four new taxes and reallocate $1 billion in government spending to help pay for its campaign promises.
QLD Election
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LABOR has unveiled an election-eve plan to bring in four new taxes and reallocate $1 billion in government spending to help pay for its campaign promises.
But a pledged debt reduction plan was missing as Treasurer Curtis Pitt unveiled the ALP’s election costings in Brisbane yesterday.
Mr Pitt revealed the party would double the land tax levy it introduced in 2016 for foreign investors, lifting it from 3 per cent to 7 per cent, in a bid to raise $99 million over three years.
Owners of land holdings valued at more than $10 million will be slugged 2.25-2.5 per cent more to raise a further $227 million. Luxury car buyers will be hit with extra duty for cars valued at more than $100,000 in a bid to raise an extra $75.76 million.
Online company Lottoland is also in the Government’s sights. Rather than banning the gambling product, Labor will levy a point of consumption wagering tax of 15 per cent of net wagering revenue on the company. That is tipped to raise about $90 million over three years.
Mr Pitt said the Government would attempt to find more than $1 billion in savings over four years through funding reallocations and public service efficiency measures.
However he insisted that would not include forced or voluntary redundancies.
Health would be quarantined from the 1 per cent efficiency drive.
“Areas of focus will include government advertising, office accommodation, consultancy contractor spending,” Mr Pitt said.
“As per our track record it will not involve forced redundancies. There will be no voluntary redundancies and no voluntary redundancy program.”
The moves will help cover Labor’s $2.8 billion in election commitments pledged over the past 26 days.
Mr Pitt yesterday defended the election-eve tax slugs, insisting it would only affect the top 1 per cent of the population.
“The revenue measures outlined here today have been chosen because they will only impact on the wealthiest 1 per cent in our community,” he said. “If you can afford a Maserati, a Porsche, a Lamborghini or a Ferrari you can contribute a bit extra.”
Mr Pitt said about 850 property owners would be affected by the land tax slug with farms and family homes exempt.
Premier Annastacia Palaszczuk had promised Mr Pitt would also outline a “debt action reduction plan”. But he did not, unable to outline any substantial new measures to tackle debt.
Mr Pitt would only reveal that total debt would be less than forecast in 2020-21, coming in at $80.872 billion, rather than the $81.148 billion forecast in the June Budget, about $276 million less.
He could also not rule out introducing further taxes over the next term of government if re-elected and steered clear of announcing new measures to rein in the public service, instead saying the Government would stick with its pledge to keep public sector growth in line with population growth, a measure Labor is yet to meet.
Originally published as Queensland Election 2017: Labor announces new taxes to pay for promises
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