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Queensland Budget 2016: Foreign investment charge ‘bad PR’ for ‘fragile’ market

Amy Remeikis reports in the Brisbane Times (9.6.16) on the state government’s intention to impose a stamp duty transfer surcharge for foreign property investors, announced by Treasurer Curtis Pitt as part of his budget measures.

‘Queensland Treasurer Curtis Pitt’s budget money spinner, which essentially doubles the stamp duty for foreign investors, has been slammed as “bad PR” by the state’s property market pundits, who claim it will “put a dent in demand” and damage an already “fragile” market.

‘The opposition has also seized on the 3 per cent transfer duty surcharge foreign investors will be slugged with from later in 2016 as a “broken promise” after Mr Pitt dismissed the idea last year following Victoria’s decision to raise its own charge from 3 per cent to  7 per cent.

‘On Thursday, Mr Pitt had changed his tune, saying he did not believe the 3 per cent charge would close Queensland off from business or greatly affect the decisions of foreign investors, particularly given the state’s comparable housing affordability.’

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