The Property Council of Australia’s Queensland Division has cautiously welcomed a state government commitment to reviewing property taxes – while warning the review must be independent of politics and include industry experts.
Property Council’s Queensland Executive Director Jess Caire welcomed the announcement but said collaboration and consultation must be at the heart of the review.
“As with any review the devil will be in the detail, and it is critical that industry and government work together to ensure the review doesn’t result in any unintended consequences,” she said.
“What we don’t want to see is increased taxes across other property sectors or any new taxes levied on the industry.”
Following the release of the Property Council’s ‘Beyond Reach’ report on 24 June, which called for a review of Queensland’s tax settings, the Queensland Treasurer announced on Monday 1 July that the government would instigate a review of the state’s tax settings.
“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.
“Taxing the very industry that delivers the homes, critical infrastructure, offices, shops, and industrial developments our state needs within an inch of its life is counterproductive.
“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.
“This includes including setting the review’s terms of reference, overseeing the review at key milestones, and agreeing draft recommendations to government.
“Genuine consultation with industry, who are at the frontline of delivering new housing supply, will be essential to this process so we don’t see another example of robbing Peter to pay Paul,” she said.
The Property Council’s Queensland Division has long called for a review of the state’s property taxes to ensure they support the delivery of new development rather than add costs to Queenslanders.
“There has never been a more important time to work together and push for meaningful reform that resuscitates our ailing housing supply and adopts a ‘do no harm’ approach to industry and Queenslanders,” Ms Caire said.
“We must ensure that this review is done in a transparent and collaborative fashion with industry to ensure that 12 months down the track our state is not in the same position we’re in now,” she said.
At a Property Council lunch today, the Queensland Leader of the Opposition outlined that tax certainty needs to be front of mind to attract the investment Queensland needs.
“Industry needs certainty to ensure Queensland is an attractive investment destination for investors from across the country and across the globe,” Ms Caire said.
