The independent research, prepared by Queensland Economic Advocacy Solutions (QEAS), provides eight years of evidence that the state's short-sighted and small-minded tax regime on international capital, which was further increased by the Treasurer in this year's State Budget, has hurt Queenslanders and exacerbated the state's housing crisis.
"These apartment-killer taxes were sold to Queenslanders as a solution to a perceived influx of overseas buyers looking to crowd them out of housing, but in reality, they've put the handbrake on housing delivery all together," Ms Caire said.
"These ill-considered taxes have only worsened Queensland's housing issues by driving away the global capital that backs Australian-based developers who deliver new homes at scale and bring community-building projects to life.
"The almost 33,000 homes that could have been built over the last eight years would be more than enough to house the population of Rockhampton,"
"The independent report also found total international investment, critical in delivering Queensland homes, has fallen 83.9 per cent since the tax regime was introduced in 2016, resulting in the state losing out on an estimated $17.8 billion in housing investment and between 21,129 and 37,972 Queensland jobs,"
"Many of the companies that rely on international capital to fund their projects are household names, have been based in Queensland for decades, and employ thousands of Queenslanders," Ms Caire said.
"So not only have these taxes killed off homes, but they're also killing off Queensland jobs.
"Ironically, the state has also lost out on revenue to the tune of nearly $100 million in stamp duty and land tax since the introduction of these taxes.
"It's no wonder boardrooms around the country, and the world, are looking at Queensland and shaking their heads in disbelief, because despite all the promise and potential, the state's tax settings are effectively a big "you're not welcome" sign to institutional capital.
"Queensland is sometimes unfairly viewed as behaving like a regional town and taxes such as this do nothing to dispel that notion.
"If we want to take the next step as a global city, we need to become more sophisticated and welcoming of the capital and ideas that support growth and better living.
"We are simply asking for a fair go for these Australian-based companies, so they can get on and do what they do best – funding job-creating local projects and producing new homes - particularly for the 30 per cent of Queenslanders who rent.
"We welcomed the Treasurer's announcement of a tax review in July; however, it's disheartening that so far it has been just that - a public announcement – with no follow up or engagement with industry, despite our best efforts.
"This lack of consultation does little to boost confidence or build trust, and we are genuinely concerned it will become a Trojan Horse for more taxes on the industry, with little heed of the consequences.
"It's disappointing to have one arm of government focused on fast-tracking planning and housing supply – and delivering more initiatives than ever – only to have the other arm twisted behind their back by Treasury," she said.
The Property Council is calling upon both the Government and Opposition to commit that a tax review that will:
- Be conducted independently of Treasury and chaired by an independent tax expert;
- Include appropriate peak bodies in setting the Terms of Reference and;
- Include a commitment to no new or increased taxes or charges across the entire property sector.
The independent research presented in the Property Council's report, "Time for a fair go - How un-Australian taxes are hurting Queenslanders", was prepared by leading independent research provider QEAS.
