Make the property tax review independent: industry
Queensland treasurer Cameron Dick has been urged by industry to make a planned post-election review of property charges and taxes independent and without parliamentary influence.
Property industry groups have welcomed Queensland Treasurer Cameron Dick’s plan to conduct a post-election review of taxes on housing development but said a non-political and independent review was crucial.
Property Council Queensland executive director Jess Caire said the long-called-for review of industry charges, such as stamp duty, foreign investor taxes and infrastructure duties, was important to help the industry deliver the state’s desperately needed homes.
“It is imperative that this review is conducted independently – we look forward to working with the government to work through the details of the review to make sure the impact on the property ecosystem and on Queensland households is thoroughly understood,” Ms Caire said.
“The government has introduced 12 new or increased property taxes since 2007. If we are to ever attract the investment we need, this has to stop.”
The sentiment was echoed by the Real Estate Institute of Queensland’s chief executive, Antonia Mercorella, who said confidence in the market was crucial for everyday property buyers and commercial investors alike.
“The property market thrives on stability and predictability, so this assurance of no new property taxes would go a long way to help restore investor confidence in the interim. For the review to be truly effective, we believe it should be conducted independently,” Ms Mercorella said.
Mr Dick said the review would inform next year’s budget should the government be re-elected.
“What we’re going to look at is the impact of state revenue on the construction of homes, the impact of state taxes and charges on the construction of homes and, of course, whether that will push up the price of homes,” Mr Dick said.
Opposition Leader David Crisafulli would not be drawn into making the same commitment on Tuesday.
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