{"id":40363,"date":"2022-10-03T17:24:50","date_gmt":"2022-10-03T04:24:50","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=40363"},"modified":"2022-10-03T17:24:50","modified_gmt":"2022-10-03T04:24:50","slug":"queensland-ditches-controversial-land-tax","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/queensland-ditches-controversial-land-tax\/","title":{"rendered":"Queensland ditches controversial land tax"},"content":{"rendered":"

PHOTO: Land tax. Enterprise Legal<\/strong><\/p>\n

REPUBLISHED WITH PERMISSION API MAGAZINE<\/a><\/p>\n

Queensland Premier Annastacia Palaszczuk has stepped in and scrapped the state\u2019s controversial land tax proposal, which would have slugged investors nationally for owning properties interstate.<\/p>\n

Queensland Premier Annastacia Palaszczuk confronted a growing revolt from some state jurisdictions over shared data requirements for the contentious land tax reform.<\/div>\n
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In a major turnaround, Queensland\u2019s state government has pulled the plug on planned changes to a land tax that would have slugged landowners who also owned properties interstate.<\/p>\n

The tax had been widely lambasted as unworkable, unfair for renters and investors alike, and a hindrance on much-needed investment in rental supply.<\/p>\n

Friday\u2019s (30 September) policy reversal comes after the proposal was criticised by the state opposition and other premiers.<\/p>\n

Liberal National treasury spokesman David Janetzki labelled the backflip as an \u201ceconomic embarrassment of epic proportions\u201d.<\/p>\n

Its announcement in the December budget update was met with horror by investors and apparent amusement by other states who were refusing to hand over the personal data of their state\u2019s property owners.<\/p>\n

Under the proposal, the value of investment properties across the country would be taken into account to calculate land tax rates paid according to Queensland’s thresholds. That rate would then have applied to the properties in Queensland.<\/p>\n

API Magazine<\/em>\u00a0exclusively reported in August that\u00a0issues over its workability could prove insurmountable<\/a>.<\/p>\n

The Real Estate Institute of Queensland (REIQ) congratulated the state government for not proceeding with its controversial new land tax regime.<\/p>\n

REIQ CEO Antonia Mercorella the proposed land tax reforms could have damaged property investor confidence at a time of the tightest vacancy rates in history.<\/p>\n

\u201cAbandoning the contentious land tax regime will bring confidence back to the property investor market in a time of great uncertainty,\u201d she said.<\/p>\n

\u201cTo send shockwaves through the private housing investment market during a rental crisis was unprecedented and illogical.<\/p>\n

\u201cThe land tax changes would have also potentially impacted commercial property investment and national employers with Queensland domiciled premises.<\/p>\n

\u201cWe appreciate the government\u2019s move to shelve this retrograde tax reform and look forward to working with them at the Housing Summit in October to address the state\u2019s housing supply issues.\u201d<\/p>\n

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Affordability issues<\/strong><\/p>\n

The decision was also seen as timely by many industry observers, coming on the same day the Productivity Commission\u2019s review of the National Housing and Homelessness Agreement (NHHA) addressed the country\u2019s affordability issues.<\/p>\n

\u201cThe NHHA is intended to improve access to affordable housing, but it is ineffective. It does not foster collaboration between governments or hold governments to account. It is a funding contract, not a blueprint for reform,\u201d Commissioner Malcolm Roberts said.<\/p>\n

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\u201cOver the life of the NHHA, housing affordability has deteriorated for many people, especially people renting in the private market. The median low-income renter spends over a third (36\u00a0per\u00a0cent) of their income on rent. About 1 in 5 low-income households are left with less than $250 after paying their weekly rent.<\/p>\n

\u201cWith the private market becoming less affordable, demand for homelessness services and social housing is rising.\u201d<\/p>\n

Mr Roberts said a two-track approach was needed to ease the pressure on low-income renters \u2014 the capacity for low-income renters to pay for housing needs to be improved and constraints on new housing supply need to be removed.<\/p>\n

The $5.3 billion Commonwealth Rent Assistance program should be reviewed, he said.<\/p>\n

\u201cThere is a strong case to improve its adequacy and targeting (and) at the same time, state and territory governments should commit to targets for new housing supply and accelerate planning and other reforms.\u201d<\/p>\n

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\u201cThe Commission is recommending the new NHHA have a greater focus on coordinated policy action across jurisdictions, homelessness prevention and early intervention, and Aboriginal and Torres Strait Islander housing.\u201d<\/p>\n<\/div>\n<\/div>\n

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