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Queensland State Budget

QLD State Budget 2024-2025

Gary Calford and Laura MacIntosh

The 2024-25 Queensland State Budget was handed down by Treasurer, Cameron Dick, on Tuesday 11 June 2024.  This is the first State Budget handed down since Steven Miles became the State’s Premier on 15 December 2023.  Notably, this is also the last State Budget before the Queensland State Government election scheduled for 26 October 2024.

In his speech, the Treasurer announced a budget surplus of $564 million for the 2023-24 financial year. While this is Queensland’s third successive budget surplus, it is also expected to be the last surplus for the foreseeable future. This is due to the Government’s commitment to increased spending on cost-of-living measures, together with increased investments in housing, health and community safety.

To counter the current economic environment and increasing inflationary pressures, the Government has responded with an $11.2 billion cost-of-living investment in this budget.

Further, the Government continues its focus on housing, with a record investment of $2.8 billion to help Queenslanders into their own homes. In addition, the Government continues invest in key transport infrastructure, with a $10 billion investment in the current year.

As Queensland moves closer to hosting the 2032 Olympic and Paralympic Games, the Government has confirmed an expected capital expenditure of $7.1 billion to fund the games, with the current budget allocating over $560 million to works now in procurement, including an upgrade of the Brisbane Aquatic Centre and the Sunshine Coast Indoor Sports Centre.

A summary of the key budget measures is provided below.

Cost-of-Living Support

$11.2 billion has been set aside in the 2024-25 year, to assist families and businesses with pressures from rising inflation. The concessions announced include:

  • $1,300 Cost-of-Living Rebate on electricity bills to all Queensland households.
  •  $1,672 Cost of Living Rebate on electricity bills for vulnerable households.
  •  20% reduction in the cost of registration for all light vehicles.
  •  Flat 50c public transport fares across Queensland and half price fares on the Airtrain to and from Brisbane Airport for six months from 5 August 2024.
  • Nil indexation for fees and charges in Queensland.

Housing Affordability
To counter the surge in temporary migration (60% higher than forecast), the Government has announced a record investment of $2.8 billion in the following measures to assist Queenslanders in putting a roof over their heads:
  • Extension of the “Homes for Queenslanders” initiative, providing for an additional 600 modular homes. 
  • Increase in the transfer duty threshold for Queenslanders looking to buy their first home.
  •  Temporary 20% increase in funding for Specialist Homelessness Services
Community Safety

To combat the youth crime epidemic, the Government continues to build on the previously announced “Community Safety Plan for Queensland”, including an investment of $52 million to provide more resources and support for victims of crime, including:

  • $16 million to expand the Victims of Crime Community Response Program.
  • $16 million to increase the capacity of Victims Assist Queensland to process financial assistance applications. 
  • $3 million to enhance the Victim Liaison Service to better connect victims and their families with prosecutors, while cases proceed through court. 
  • Increased police recruitment by offering recruitment incentives of up to $40,000 for new police officers.  
Transport Infrastructure 
The Government has committed to an almost $10 million investment in transport infrastructure in 2024-25, to be delivered via the following initiatives:
  • $786 million towards the Queensland Train Manufacturing Program in Maryborough.
  • $650 million towards the construction of Stage 1 of the Coomera Connector. 
  • $514 million to continue construction of the Cross River Rail. 
  • $500 million towards the Logan and Gold Coast Faster Rail project. 
  • $308 million to continue Stage 3 of the Gold Coast Light Rail.
Renewable Infrastructure
The Queensland Government continues to expand its focus on renewable energy, with the following significant clean energy investments occurring in 2024-25:
  • $712 million towards CopperString 2032, which will support the construction of the 1,100-kilometre transmission line from Townsville to Mount Isa. 
  • $801 million for Stanwell to pursue investments in the Wambo and Tarong West Wind Farms. 
  • $500 million for CS Energy to pursue investments in new wind projects, including the Lotus Creek Wind Farm. 
  • $275 million for CleanCo’s Swanbank Battery, a 250MW/500MW publicly owned battery. 
  • $936 million to progress the Borumba Pumped Hydro Energy Storage scheme.
  •  $38.5 million for early works at the Pioneer Burdekin Pumped Hydro Energy Storage scheme, with a $1 billion equity commitment across the forward estimates.
State Tax measures

The following state tax measures were announced in the budget:

Land Tax Surcharge for Foreign Companies and Trustees of Foreign Trusts and Absentees
The budget announced an increase from 2% to 3% in the surcharge rate of land tax for foreign companies and trustees of foreign trusts, and absentees. Ex gratia relief will continue to be offered for Australian-based foreign entities whose commercial activities make a significant contribution to the Queensland economy and community.

Additional Foreign Acquirer Duty Increase
The budget announced an increase from 7% to 8% in the rate of additional foreign acquirer duty (“AFAD”), levied on foreign buyers of residential property in Queensland. Ex gratia relief will continue to be offered for Australian-based foreign entities whose commercial activities involve significant development by adding to the supply of housing stock in Queensland.

Regional Payroll Tax Discount
The budget announced a change to the eligibility criteria to exclude extremely large businesses from accessing the regional payroll tax discount. From 2024-25, businesses with Queensland taxable wages of more than $350 million per annum will not be eligible for the discount.

50% Payroll Tax Rebate for Apprentices and Trainees
The budget announced a further extension of the previously implemented 50% payroll tax rebate on the exempt wages of apprentices and trainees until 30 June 2025.

First Home Buyer Transfer Duty Concession Thresholds
The budget announced an increase in the eligibility thresholds for the first home concession and first home vacant land concession. The first home concession will be extended to properties valued up to $800,000, with no duty payable on homes valued up to $700,000, and a partial concession for homes valued between $700,000 and $800,000. The first home vacant land concession will be extended to land valued up to $500,000, with no duty payable on land valued up to $350,000, and a partial concession for land valued between $350,000 and $500,000.