Land Tax Reform Scraped
December 1, 2022
The Real Estate Institute of Queensland (REIQ) says it’s a relief that the Queensland land tax regime was officially repealed with an amendment moved in Parliament last month.
REIQ CEO Antonia Mercorella congratulated the state government for making the move to stop the controversial reform before it came into effect saying it was the right decision for Queensland renters, investors, and businesses.
this article will explore the now scrapped land tax reform and the State Treasurers future position on this regime.
“From the outset, the REIQ led with strong opposition to this confidence-shattering regime,” Ms Mercorella said. “We feared the repercussions for our economy and the potential damage it would cause to residential and commercial rental relationships for a relatively insignificant gain. “Our concerns were substantiated when we were inundated with messages from real estate, finance, and legal professionals who shared with us that they were already witnessing the blow to current and future investment confidence.
“Yesterday, the REIQ released its residential vacancy rates for the September 2022 quarter, showing some of the tightest vacancy conditions in our state’s history, a trend that sadly we don’t see improving anytime soon.
“Against this challenging backdrop of insufficient housing supply, to see this amendment passed and the land tax regime put to bed, is a most welcome and sensible move.
“For those who were concerned that the land tax regime was only being temporarily shelved and could be resurrected, it’s reassuring that the Treasurer has confirmed the tax will not be making a comeback.”
Ms Mercorella said the decision to scrap the land tax regime had allowed the focus to rightly shift to other housing crisis solutions. “What the Queensland Housing Roundtable and Summit clearly demonstrated was that we’re all extremely concerned about the current housing supply issues we are facing in Queensland, and we’re eager to get short- and long-term solutions underway,” she said. “We welcomed the opportunity to put forward our solutions in a room that was filled with goodwill and hope, and a willingness to help overcome the housing challenges we face. “We look forward to the Premier implementing the initiatives raised at the Housing Summit to offer the Queensland community another glimmer of hope that we’re all working together to bring this crisis to an end.”
This article was contributed by Claire Ryan, REIQ.