Building boost from duty hike

THE State Government will provide a $140 million shot in the arm for the construction industry - but also hit home buyers will big increases in stamp duty.

Premier Anna Bligh said the Queensland Building Boost was a six month, $140 million initiative that will provide a $10,000 grant for all Queenslanders constructing or purchasing a new home up to the value of $600,000.

 First home buyers will also remain eligible for the $7,000 first home buyer's grant.

"Housing construction is a major employer in Queensland. This boost is aimed at stimulating that market and creating more Queensland building jobs,'' Ms Bligh said.

"The Queensland Building Boost will be available for six months from 1 August.

"I would urge anyone looking to build or purchase a new home, particularly first home buyers, to get in quick and make the most of this opportunity."

But LNP leader Campbell Newman said Queensland home buyers would pay the price for Labor’s economic incompetence with stamp duty skyrocketing 125%.

Mr Newman said the Bligh Labor Government’s decision to slash the principal place of residence concession as part of this year’s State Budget would result in stamp duty rising from $5250 to $11,825 on the average $400,000 home.

“The housing market is already in the doldrums, and Labor has delivered the industry a king hit.

“This stamp duty slug will put the home ownership dream out of reach for many Queenslanders already tightening their belts to pay for Labor inflicted cost of living increases for electricity, water and rego.”

Ms Bligh said Queenslanders don't pay one cent of duty on first home purchases up to the value of $500,000.

Treasurer Andrew Fraser said to fund the $140 million building boost, and the $139 million abolition of the ambulance levy on electricity bills, the government would remove a long standing transfer duty concession for homebuyers not replicated in any other state.

"Queensland has long offered a concession on transfer duty for a principal place of residence. No other state has a discount regime like Queensland did.

"Even after removing it, the indisputable fact is that Queensland will continue to have the lowest standard stamp duty rates for all homes in the mainland States of Australia.

For more detail on the Queensland Building Boost and changes to transfer duty, go to

Topics:  building construction stamp duty state budget

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