Queensland Government Revenue Increases by $3.5 Billion in Stamp Duty Tax
A report by the Property Council of Australia revealed that the Queensland government has collected an additional $3.5 billion (US$2.3 billion) in stamp duty over the last three years.
Stamp duty is applicable when purchasing or transferring property. According to Jess Caire, the Executive Director of Property Council’s Queensland Division, stamp duty accounts for one-third of the price of a new home in Queensland.
An index released by property researcher CoreLogic on May 1 (pdf) showed that the median house price in Brisbane was $920,000 (US$610,000).
“To put this figure into perspective, the seven new Satellite Hospitals in Tugun, Redlands, Eight Mile Plains, Bribie Island, Caboolture, Kallangur, and Ripley currently being delivered by the government are budgeted to cost $377 million,” stated Ms. Caire.
She expressed concern that the government was benefiting from significant unexpected revenue at a time when Queenslanders are facing challenges in affording housing for their families.
The report also highlighted that Brisbane recently became the second most expensive capital city, surpassing Melbourne, due to a surge in the housing market driven by international and interstate migration.
However, Housing Minister Meaghan Scanlon countered these claims by stating that buyers do not pay income tax on house purchases and that Queensland has the lowest property taxes on the east coast.
She mentioned that the extra revenue was allocated towards infrastructure development, including more affordable housing.
Request for Tax Reductions
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Ms. Caire emphasized the need for a balanced approach to attract investments in housing while providing essential services across Queensland.
Reinvestment of Extra Revenue
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