State Budget 2019-20

The Queensland Budget was handed down on 11 June 2019.

The budget edges a step closer to the 25-year-average for capital expenditure so gets the tick of approval from us. Read our media statement and the in depth budget highlights.

Budget Highlights

In our Pre-budget submission 2019 we asked the Queensland Government to consider the following:

First Home Owners’ Grant

The boost in the Queensland First Home Owners’ Grant (FHOG) to $20,000 was an important tool in bringing first home owners into the market, but it came to an end on the 30 June 2018.

We strongly urge the government to bring back the boost to the FHOG for regional Queensland.

Capital Expenditure

Investment in public buildings and engineering construction represents an investment in the future prosperity of our state: it is vital to the Queensland economy and the building and construction industry. Capital expenditure on public buildings and engineering construction positions Queensland for economic growth and is essential if we are to meet the needs of a growing population spread across our large state.

To ensure that a growing Queensland continues to have the buildings and infrastructure it needs, and the construction industry can provide long-term employment opportunities, we are calling on the Government to establish a Queensland Public Sector Building and Construction Capital Expenditure Benchmark. The benchmark should be set at the 25-year average of 2.7 per cent of gross state product.

We also recommend a second benchmark, for the public (residential and non-residential) building component of the total spend. This should also be set at the 25-year average which for this component is 0.6 per cent of gross state product. This would mean an additional $1.1 billion annual expenditure on top of the $1.1 billion spent in 2017-18.

Further, we want to ensure allocated budget is spent efficiently and identify a clear pipeline of projects.

We believe that together, avoiding new taxes, returning the boost to the FHOG in regional Queensland, increasing capital expenditure and committing to spending allocated budget will increase demand for new construction, creating a wave of investment and jobs.

These changes will place Queensland in a stronger position to attract more interstate and international investment.

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