State Budget targets cost-of-living support

Young couple given keys to home. | Newsreel
The State Budget offers transfer duty relief for first home buyers. | Photo: Filippo Bacci

By Steve Zeppa

Election sweeteners continue to be rolled out as the Queensland Government prepares to hand down the State Budget this week.

With a state election legislated to be held on October 26 this year, the State Government is using tomorrow’s budget to provide cost-of-living relief to the state’s voters.

Over the past few days, savings for home-owners, motorists and parents with sports-loving children have been announced.

Premier Steven Miles announced there would be an increase in the threshold for the first homeowner concession on transfer duty from $500,000 to $700,000, with the concession then phasing out up to values of $800,000.

Premier Miles said improved incentives would also apply to the first home vacant land concession threshold, which would increase from $250,000 to $350,000, with the concession then phasing out up to $500,000.

He said the changes to transfer duty concessions would target first home buyers in the spectrum of the market where they were more likely to face affordability challenges and found it harder to purchase a home.

“It is estimated this substantial increase in the first homeowner transfer concessions will support around 10,000 buyers a year to unlock their first home.”

Premier Miles said to offset the demand from increased purchasing power for first home buyers the foreign investor land tax surcharge would increase to 3 percent.

The Budget will also include a cut in vehicle registration fees by 20 percent.

Premier Miles said the 20 percent reduction would apply to all light vehicle registrations for a 12-month period from September 16, 2024

“The reduction will apply to the registration fee and the traffic improvement fee for all light vehicles, regardless of purpose of use and will apply to motorcycles and trailers,” he said.

The State Government also plans to expanding the FairPlay voucher scheme to help more children play sport.

Premier Miles said under the expanded model, vouchers would increase in value from $150 to $200 and would no longer be means-tested, so would be available to all Queensland children between five and 17 years of age.

“The number of vouchers for the program has also increased from up to 50,000 to up to 200,000, at a cost to the 2024-25 Budget of $40 million,” he said.

The recent commitments follow preview announcements of $1000 electricity rebates for Queensland household and 50 cent public transport fares.