REIQ calls for independent, periodic state property tax reviews

The REIQ has weighed in following the Treasurer Cameron Dick’s announcement that a review of state property taxes and charges will be conducted after the election.

REIQ CEO Antonia Mercorella said the peak body for real estate is expressing cautious support for the review, noting some reservations.

“It's promising that the goal of increasing housing supply has been identified as the focus of this review into state-based taxes and charges for the housing market,” Ms Mercorella said.

“However, we know that ambiguous announcements such as these can rattle the confidence of the investment community and destabilise the property market. Moreover, it can have an impact on the commercial property sector which flows on to employment opportunities for the Queensland community.

“Ahead of the review which will look at potential reforms, we are calling for a commitment from the State Government to not impose any more new or increased property taxes on investors, owner occupiers, small business or developers.

“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.

“Further, for the review to be truly effective, we believe it should be conducted independently, outside of Parliamentary influence.

“Considering that a property tax review was first proposed at the Housing Summit in October 2022, it’s welcome news that this initiative will go ahead two years later as we believe its an important piece of the puzzle.

“Given how closely linked Queensland’s economic prosperity and social well-being is to the health of the property market, we would like to see this become a permanent part of the State Government's remit to review the impact of property taxes each year and publish those as part of the budget process.”

ENDS

Media enquiries:
Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au

Read another media release from the REIQ: Queensland property continues to rise and shine in 2024.

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