Oh lordy! It’s that time of the year again where the powers that be, try to count with all their fingers and toes to attempt to balance the old books for Queensland.
You guessed it! The Queensland Government Budget has been announced… we know right…snore!
We advise you to keep your hands and feet in the vehicle at all times while reading this little article, as this budget has got some bite about it. This is particularly advised if you are looking to enter the market as a First Homeowner or a foreign investor.
The First Homeowner’s Grant
Let’s start off by sprinkling a little sugar over it all. The good news is, that unlike many other states in Australia, Queensland’s First Homeowners Grant has survived to fight another day. However, it is not without its battle scars. The First Homeowner’s Grant will be returning in the form of a $15,000 grant, down from the $20,000 sum that first homeowners have benefited from since 2016.
We say take the money and run while you can!
Foreign Acquirer Duty
The news is certainly not all rainbows and butterflies for our foreign investor friends that are looking to purchase a property in the Sunshine State. The Queensland Government has announced an increase in the Foreign Acquirer Duty, which was first introduced in 2016.
Brace yourself Friends… The government will be increasing the tax from 3% to 7%… we told you it had a bite, didn’t we?
If you are feeling brave enough and wanting know a little more about what the budget has install for us in the coming year, click here for a great article from the ABC.
But hey, at least our economy is looking better than Venezuela’s in 2014, when it had an inflation rate of 57.30%, right?… See, it’s all about perspective 😊
Salt in wounds: Car registration is also going up by 3.5%…sorry we couldn’t help ourselves, the look on your face was priceless.