The Property Council of Australia has welcomed the Queensland Treasurer’s proposal today to reduce land tax in next financial year’s budget, saying it was glad the government was finally giving something back to the property industry.
“The property sector is the largest contributor to state revenues in Queensland,” Property Council Queensland executive director Robert Walker said, “and we are happy to see the government giving some back to property owners.”
Mr Walker said that the Property Council was a long-term advocate of reducing land tax and was now extremely pleased that the government had listened to industry concerns.
“Due to increased population and rising land values, more people pay more land tax than ever before,” Mr Walker said.
“It appears the government has finally recognised the impact of this regime on the residents of Queensland. But we still think there is more to be done.
“Queensland will receive more than $500 million in additional revenue through GST this year and we urge the government to use some of this windfall to phase out other nuisance taxes, including stamp duty on non-residential conveyancing,” he said.
“The GST was introduced as a replacement tax and we urge the Treasurer to lead the way in taxation reform and commit to phasing out these nuisance taxes at the meeting with Federal Treasurer Peter Costello on Wednesday.”
Mr Mackenroth said that the extent of the cuts to land tax would be dependent on the outcome of the Treasurers Meeting in Canberra this week.
For more information:
Robert Walker, Executive Director, Property Council of Australia, 0417 072 197
Nikki Schultz, Communications Manager, Property Council of Australia, 07 3225 3000