Treasurer stands by ‘Robin Hood’ property tax

NEW Queensland Treasurer Jackie Trad has defended her government’s planned “Robin Hood” property tax ahead of her first Budget update today.

The Property Council yesterday warned the proposed 2.5 per cent land tax on properties worth more than $10 million would hurt land values and jobs growth. But Ms Trad dismissed the claims, saying the “modest” tax would only affect 850 property owners.

“This is a very modest increase … we think it’s fair that those that can pay a little bit more, do pay a little bit more,” she said.

Ms Trad will release the Mid-Year Economic and Fiscal Outlook today, but is keeping mum about what the Budget update will contain.

“We went to the election with a very clear comprehensive fiscal strategy, we outlined the revenue measures and the expenditure measures that we would be introducing this term and I’ll let that document speak for itself,” she said.

The land tax was one of four new taxes announced by then Treasurer Curtis Pitt just days before the November 25 election and is expected to raise $227 million for the state.

But Shadow Treasurer Tim Mander said the new tax would have a much bigger impact than Labor had let on.

“There will be outcomes and consequences, which will lead to increased rents for small businesses, it could affect farmers and it definitely will impact business confidence, which means it will impact on jobs,” he said.