Confidence in government plummets in Queensland

Aerial view of coastal property. | Newsreel
The latest survey of the property industry shows a drop in confidence. | Photo: Konty M Photo (iStock)

The Queensland property industry is the most pessimistic in the country when asked about government management of the housing crisis.

The latest Property Council Survey shows that overall industry confidence had dropped over the last quarter, with Queensland members’ views on the performance of both the Federal and State governments plummeting more than in any other part of the country.

In Queensland, the State Government Performance index, which asks how property-related businesses felt the government was managing planning and growth, fell by almost 40 points to just under -60. No other state had an index worse than -40 nor suffered a bigger drop over the past quarter.

It was a similar trend in the Federal Government Performance Index, which measured the management of jobs and economic growth.

Confidence in Queensland dropped by almost 40 points to be pushed below the -40 mark, with no other state have a negative sentiment worse than -30.

Property Council of Australia Chief Executive Mike Zorbas said the sharp drop in overall confidence across most measurements was a concern.

Mr Zorbas said high taxing, high spending state budgets on the east coast and interest rate concerns had impacted property industry confidence nationwide.

He said the survey found industry confidence dropped over the quarter, with the Confidence Index falling 14 points to 106 points on a national level, where 100 points was neutral.

“Economic growth expectations at both a state and federal level are in negative territory at -16 and -24, respectively, where zero is considered neutral. Confidence in our two largest states fell steeply with New South Wales down 18 points and Victoria down 14 points.”

He said Queensland dropped 14 points to 106, ACT declined two points to 114 and South Australia decreased 18 points to 121, with Western Australia the only state to see an increase in confidence levels, rising two points to 138.

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