Queensland Budget: infrastructure spending continues

Queensland’s 2019/2020 State Budget, unveiled by Treasurer Jackie Trad earlier this week, confirmed the state’s continuing investment in major infrastructure.

The Budget includes a $13 billion capital works program which will directly support 40,500 jobs across Queensland (and 15,000 in Greater Brisbane).

queensland jobs

Source: Queensland Government, Jun 2019

queensland economy

Source: Queensland Government, Jun 2019

“Through this budget, the Palaszczuk government is choosing to stay the course,” Queensland Treasurer Jackie Trad said.

“We choose to continue our strategy of investing in jobs and in front-line services to meet the needs of our growing state.”

According to the Queensland Government, the State’s population grew by more than 86,000 in the last 12 months. This increase was the highest annual rise in more than five years.

In addition to major spending on roads and public transport, the Queensland Government is budgeting $19.2 billion for health, which will also help support healthcare and social assistance jobs growth.

A total $957 million has been allocated this year, to expand the Caboolture, Ipswich, and Logan hospitals.

In news for property investors, the Budget also unveiled changes to land taxes. For companies and trustees with landholdings worth more than $5 million, land taxes will increase by 0.25 cents for every dollar over $5 million.

The land tax on foreign companies and foreign trusts will be increased from 1.5% to 2%.

For more of the latest info about the Queensland property market, feel free to contact your local strategist or subscribe to our monthly newsletter.

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