The Property Council of Australia has called on the Queensland government for immediate cuts in taxes and charges along with action to improve housing affordability, labelling these as critical ingredients for a successful 2011-12 State Budget. Treasurer and Minister for State Development and Trade Andrew Fraser is set to hand down the 2011-12 Queensland State Budget on June 14.

Queensland Executive Director of the Property Council of Australia Kathy Mac Dermott said that this Budget’s primary focus must be restoring Queensland’s competitiveness and rebuilding investor confidence.

“To rebuild Queensland’s economy, we must restore the State’s most important industry, and that is property,” Ms Mac Dermott said.

“The property industry is the State's largest employer, the greatest contributor to Gross State Product and the single largest source of Queensland's taxation revenue providing 35% to State coffers.

“The reality is that Queensland’s property industry is over taxed, over regulated and under immense strain.

“This is the cause of the ongoing downturn being experienced in our industry, and is contributing to the patchwork economy across the State.

“To get Queensland firing on all cylinders again, the State must trigger a revival in property through this Budget.

The group has launched its Queensland Pre-budget Focus and Report Card which highlights six priority areas where the Government must take action in this year’s Budget.

These include a lower infrastructure charges cap, quicker development assessment, fast-tracking of a Major Projects Office, cuts to property taxes, improved housing affordability, and investment in infrastructure.

“The critical actions we have identified include the abolition of stamp duty for off the plan sales of house and land packages and apartments, scrapping the ‘temporary’ 0.5% land tax surcharge and expanding support for first home buyers,” Ms Mac Dermott said.