- The Queensland Budget is set to return to surplus by mid-2025
- Booming property market has resulted in a large boost to transfer duty pool
- Government has committed to a new $1B Housing Investment Fund
Today, Queensland Treasurer Cameron Dick handed down the 2021-2022 Budget, his second as holder of the state’s purse.
Mr Dick predicts that, despite the pandemic, the Queensland Budget will return to surplus by mid-2015 – although the total debt of the state is expected to hit $127 billion by 2024-25.
Like much of the country, Queensland’s property market is booming which has resulted in a boost to the government’s property tax revenue pool. Over the 2020-21 year, transfer duty income increased 21.4%, with a rise of 24.5% forecast for 2021-22 – totalling about $4.59 billion.
A major component of the budget is a $2.98 billion investment that the Queensland Government said will fast-track the delivery of housing.
This investment consists of a $1.9 billion investment over four years along with a brand new $1 billion Housing Investment Fund which is set to boost housing supply, along with increasing housing and homelessness support across the state.
Leeanne Enoch, the Minister for Housing, said the boost to housing supply shows the Queensland Government is committed to addressing housing needs.
“We know the impacts of the COVID-19 pandemic as well as interstate migration are adding more pressure to the housing market, and this is making it harder for people to find a home, especially vulnerable Queenslanders who are experiencing financial stress,” Ms Enoch said.
“We will fast-track projects and initiatives that will increase the supply of social housing, seek proposals to develop underutilised state land, and deliver mixed-use developments.”
Leeanne Enoch, Minister for Housing
Over the life of the Housing Strategy Program program – which began in 2017 – the supply of social and affordable housing in Queensland is expected to increase by about 10,000. 6,365 new social and affordable homes will be built or be under construction by 30 June 2025, added Ms Enoch.
However, according to Queensland’s Public Housing Register, as of September 2020, 26,397 households are currently on the waitlist, suggesting the investment may not be enough.