According to a recent report by the Property Council of Australia, the Queensland government has seen a significant increase in stamp duty revenue, totaling an extra $3.5 billion over the past three years. Stamp duty is a tax applied when purchasing or transferring property, making up a substantial portion of the cost of a new home in Queensland.
The report also highlighted that the median house price in Brisbane is $920,000, with the housing market experiencing a surge due to international and interstate migration. This surge has led to Brisbane overtaking Melbourne as the second most expensive capital city in terms of median dwelling values.
Queensland Premier Steven Miles expressed concerns about the pressure that migration is putting on the housing system, supporting a plan to cut migration levels. However, Housing Minister Meaghan Scanlon defended the government’s position, noting that buyers do not pay income tax on house purchases and that Queensland has the lowest property taxes on the east coast.
Scanlon stated that the additional revenue generated from stamp duty has been allocated towards infrastructure projects, including affordable housing initiatives. Despite the government’s efforts to address housing affordability, Queensland’s state debt is projected to reach $188 billion by 2027.
The Property Council of Australia has called for tax reductions and a review of housing tax concessions to alleviate the housing crisis and restore affordability. They also urge the government to reinvest the surplus revenue from stamp duty into property and infrastructure projects to support the state’s growth.
Overall, the report emphasizes the importance of finding a balance between generating revenue from property taxes and ensuring that necessary services are funded, while also addressing the need for affordable housing in Queensland. Can you please rephrase this?
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