‘Bank of LNP’: State government to help Queenslanders buy a home

In the most generous shared equity scheme in the country, the state government will help Queenslanders buy a home worth up to $1m. EXCLUSIVE DETAILS

Treasurer David Janetzki speaking on election eve. Picture: Tara Croser.

• Editorial: Resources review a must

Queenslanders will get government help to buy a home worth up to $1m under the most generous shared equity scheme in the nation.

Singles earning up to $150,000 and households with two adults earning up to $225,000 will be eligible under the $165m Boost to Buy program to be revealed by Treasurer David Janetzki in today’s budget.

The government will invest up to 30 per cent equity for new builds and 25 per cent for existing homes, up to a value of $1m.

For a new property valued at $750,000, an approved applicant with a minimum deposit of $15,000 could receive an equity contribution of up to $225,000.

Applications are expected to open late this year.

Premier David Crisafulli – who has pledged to get more Queenslanders into their own home – said the scheme complemented the already announced extension of the $30,000 first homeowner grant and the abolition of stamp duty for new builds.

Premier David Crisafulli. Picture: Tara Croser.

“Queenslanders shouldn’t be locked-out of buying because they don’t have the bank of mum and dad, so we’re making big changes to deliver a nation-leading Boost to Buy scheme to reduce the deposit gap,” he said.

“I promised we’d bring ownership within reach for more Queenslanders, and Boost to Buy, homebuyer grants and abolishing stamp duty are all about delivering home ownership for more Queenslanders.”

It is currently the nation’s most generous scheme, but the federal government is expected to improve its program.

Prime Minister Anthony Albanese promised every first homebuyer could access a 5 per cent deposit, with no caps on places or income.

In Queensland home prices would be capped at $850,000.

While the government will deliver a major win for first homeowners, the state’s struggling resources sector faces another hit.

Mr Janetzki has refused to tear up the world’s highest coal royalty tiers he agreed was hurting investment and jobs.

The treasurer is set to deliver a no-frills budget on Tuesday that promises to lower debt below $218bn without selling assets, cutting services and jobs or raising taxes.

Mr Crisafulli ruled out cuts on the eve of the budget, hitting back at “scare campaigns” from the Labor opposition.

“I say to the opposition … we are fixing the mess we’ve inherited, part of it involves a public service that is world class, secure in their employment and able to deliver the things that a growing state needs now,” he said.

“We’ve got a youth crime crisis, a health crisis, a housing crisis, you’re not going to fix that by reducing the public service, and so tomorrow, there’s going to be a lot of embarrassment, and it’s going to come from the direction of those who created the mess that we’re fixing up at the moment.”

The government will keep the world’s highest coal royalty tiers – implemented under the former Labor government – despite attacking it as a bad policy.

Mr Janetzki said he agreed with Trade Minister Ros Bates, who said Labor’s policy without consultation had delivered “lost confidence, local jobs and future opportunities” – but said it would remain for three years per the government’s election commitment.

“I’ll have more to say about coal royalties on Tuesday but the policy is not changing,” he said.

“The former government did damage investment confidence in Queensland and one of the reasons why we committed to no near increased taxes before the election was that it’s long beyond time for there to be taxation and regulatory certainty and stability.”

The change gave Queensland an extra $8.8bn in royalties since 2021.

In the mid-year fiscal review in January Mr Janetzki warned total royalty revenue would likely drop 37.5 per cent to $8bn this financial year.

Queensland Resources Council’s chief executive officer Janette Hewson said more work was needed to rebuild the state’s reputation.

CEO Queensland Resources Council Janette Hewson. Picture: Evan Morgan

“The world’s highest royalties are adding to the financial burden on companies at a

time when energy, labour and other productions costs are skyrocketing,” she said.

Separately, Labor has accused Mr Janetzki of manufacturing a $23bn budget shortfall to create the illusion the LNP had delivered fiscal discipline.

The eye-watering figure was revealed in January’s budget update and was described by Mr Janetzki as an “allowance for underfunded legacy issues and other adjustments”.

Opposition Leader Steven Miles argued Mr Janetzki made up the number to inflate the state’s debt projections.

“The entire budget will be based on a lie … the $23bn that they arbitrarily added to the state’s debt figure was completely made up,” he said.

The Opposition last week asked each cabinet minister to detail how much of the $23bn share would be allocated to their departments due as identified in the mid-year- fiscal outlook.

All ministers dodged the question, saying it was a matter for the treasurer.

“No government department could explain how much of the $23bn applied to their portfolio,” Mr Miles said.

“If that figure was real, then those agencies would have had to bid to the Cabinet Budget Review Committee to seek those additional funds.

“It is very clear that they were afraid of being accused of breaking their promise to deliver lower debt, and so they made up a new higher debt figure to allow them to make that claim.”

The Treasurer’s office said department funding details would be revealed in the budget.

Mr Janetzki also faces cost escalations in the public sector wages bill as unions push for a pay increase beyond the government’s budgeted 2 per cent.

The Queensland Council of Unions has also pressured the government to give frontline workers a pay rise.

Nurses, police, teachers and firefighters are seeking about $1bn in wage increases – beyond the government’s budgeted 2 per cent.

QCU secretary Jacqueline King urged Mr Janetzki to set aside funds to retain and grow the public sector workforce to meet the state’s booming population.

“You can’t fix workforce shortages or meet rising demand by short-changing the very people who hold our public services together,” she said.

Originally published as ‘Bank of LNP’: State government to help Queenslanders buy a home