By Richard Gibbs | 14 Jun 2024

The Miles government delivers a pre-election budget focused on household cost-of-living relief, health and education funding, all against a backdrop of big-ticket spending through the state’s Big Build program and the Queensland Energy and Jobs Plan.

Cost of living relief measures include a 20% reduction in vehicle registration costs over the next 12 months, the capping of Translink public transport fares at 50 cents over the next six months, and a $1,000 energy rebate for Queensland households and small businesses over 2024-25. Combined with the recent Federal Budget rebate, this brings a total $1,300 in electricity bill support for Queenslanders. This energy rebate alone accounts for $2.965 billion of the $3.739 billion of new and expanded cost-of-living targeted concessions. While these measures will certainly bring relief to households in the short term, these measures have defined expiration dates and will not alleviate long-term household bill stress. With credit card debt increasing nationally, it is likely that Queenslanders’ savings from these measures will be reallocated towards paying off debts and spending on other essentials.

The cost of housing in Queensland has outpaced that of Victoria and New South Wales since the previous budget and so housing is a key investment area for the government over the coming year. $3.1 billion has been allocated to respond to housing pressures through the Homes for Queenslanders plan. The plan includes $350 million to encourage infill development, $160 million in renter’s relief, and will set a target of 53,000 new social houses by 2046. The plan also includes a new state facilitated development team to streamline decisions and resolve planning and infrastructure issues. Given that Queensland is experiencing record population growth, underpinned by elevated levels of interstate migration from New South Wales and Victoria, it is critical to ensure that housing supply is facilitated through the delivery of enabling infrastructure, housing supply, and options throughout various sectors of the market. The plan has also allocated funding towards the construction of six hundred modular homes, which is welcomed from both a housing delivery and innovation perspective, allowing for the development of the sector.

The Budget also provides additional assistance for first home buyers through an extension of the First Home concession to houses valued up to $700,000, (up from $500,000 currently), with partial concession for properties valued up to $800,000, and up to $500,000 in the case of vacant land. This measure will be impactful as surging housing costs rendered the previous threshold ineffective with limited supply at that price point. At the same time, however, there is a risk that the inability to keep up with supply levels to match this increase in demand will only cause inflationary pressure.

Queensland is cementing itself as an emerging hub for Australia’s energy transition with $26 billion in funding over the next four years slated for the Queensland Energy and Jobs Plan. This package aims to support the energy transition across wind, solar, battery storage, and transmission line projects and will be catalytic in delivering the required infrastructure to decarbonise the Queensland grid.

$4.393 billion is committed to address demand and cost pressures on Queensland Health, including $222.4 million on health workforce attraction and retention, $209.9 million in new funding for closing the First Nations health gap, and $95.9 million in new funding for youth vaccination has also been allocated. With a growing and ageing population, addressing the capacity of the health sector is critical. Funding for youth and First Nations health is also critical to the success of this system. Also, given that restricted access to the health workforce is one of the major handbrakes on health service provision and investment, the budget allocation of $270 million over four years for recruitment of ambulance operatives and specialists is a positive initiative.

The infrastructure investment and commitments from the government highlight a focus on sustainability and enabling growth via better connectivity and public transportation. Question marks on where and how Queensland will house the workers to these projects remains, with a tight labour and lacklustre housing productivity.

From a revenue perspective, the Budget aims to raise an additional $420 million through tax increases on foreign entities. If passed, the proposed measures will increase the land tax surcharge on foreign companies from 2% to 3%. Our Ratings and Taxation team have estimated that this is equivalent to a 50% increase on tax payable for foreign-owned entities between FY24 and FY25. Similarly, the Foreign Acquirer Duty on international purchasers of residential property is expected to rise from 7% to 8%, with exceptions available for Australia-based foreign entities that contribute significantly to housing supply. These tax increases pose some level of risk towards the investment decisions of these foreign entities, in an environment where feasibility across all asset classes is already marginal across Australia.

While affecting all asset classes, both measures combined will have a marked impact on Queensland’s purpose-built student accommodation (PBSA) sector, which remains dominated by foreign owners such a UniLodge and Scape Student Living. Given the Federal Government’s recent announcement on capping international students unless universities provide PBSA, this measure disincentivises investment in Australia.

Overall, the 2024-25 Queensland budget has a clear focus on helping its constituents in the here and now. We look forward to tracking the impact of the various housing delivery-related initiatives and whether learnings can be applied nationally. It is important to see the increased allocations towards health and infrastructure presented in the 2024-25 budget by the Miles government as Queensland continues to see significant population growth. At the same time, however, we are cautious of the implications that the proposed tax measures will have on the property industry.

  • $3.739 billion in new and expanded cost-of-living measures
  • $107.26 billion over four years for the Big Build program
  • $18.568 billion to support regional projects outside of Greater Brisbane
  • Expanded eligibility for the first home buyer transfer duty concession from $550,000 to $800,000
  • $2.167 billion to deliver new and redevelop existing healthcare infrastructure
  • $4.4 billion uplift to Queensland Health funding envelope.
  • $1.28 billion over 5 years for the “Community Safety Plan for Queensland” based around 5 key pillars: supporting victims; delivering for our frontline; detaining offenders; intervening when people offend; and preventing crime before it occurs.

Cost of Living

  • $2.965 billion for electricity bill support delivered as $1000 rebate from the QLD government. 
  • $150 million for lowering public transport fees to a flat fare of 50c for 6 months. 
  • $435 million for a 20% reduction in motor vehicle registration costs for al light vehicles for a 12-month period. 
  • Additional $33.5 million to expand “FairPlay” vouchers. $200 vouchers to support membership for youth in approved activities. 



  • Increase eligibility for first home duty concession to homes with a value of up to $800,000 (from $550,000) and vacant land concession to $500,000 (from $400,000). No duty on homes up to $700,000 with a partial concession up to $800,000. 
  • $350 million fund to encourage infill development. 
  • New state facilitated development team to streamline decision making and resolve planning issues. 
  • $12.5 million for needs-based funding for local governments for planning and updating of planning schemes. 
  • $160 million for renters’ relief 
  • $18.5 million over 5 years for the implementation of rental law reforms. (banning all forms of rent bidding, support ability to resolve minor civil disputes) 
  • Double first homeowners grant to $30,0000 for new homes until 30 June 2025. 
  • Social housing target of 53,500 homes by 2046. 
  • $1.688 billion over 5 years and $130.4 million per annum ongoing towards housing and homelessness services. Targeted at addressing supply issues and enhancing focus on planning and development outcomes. 
  • $9.9 million over 2 years for extensions to government headlease programs. 
  • $16.5 million to support EDQ to investigate social and affordable housing public-private partnerships. 
  • $1.1 million to support EDQ to identify and bring forward medium scale, mixed use tenure housing projects. 
  • Increase to land tax surcharge for foreign companies and trusts from 2 to 3 percent. Ex gratia relief to Australia based foreign entities whose commercial activities make a significant contribution to the local economy. 
  • Increase to rate of additional foreign acquirer duty from 7 to 8 percent. Relief subject to entities whose activity includes significant contribution to supply of housing stock. 
  • Delivery of 600 modular homes under the Homes for Queenslanders plan. 



  • $4.393 billion in total to Queensland Health to address demand and cost pressures. 
  • $222.4 million over four years to attract and retain talent in the Queensland Health workforce. 
  • $209.9 million in new funding to close the health gap for First Nations Queenslanders. 



  • $11 million over three years to support the construction workforce and increase the number of apprenticeships and skilled workers. 
  • $500 million over four years to grow school capacity to meet enrolment demand. 
  • $45.1 million over three years to support eligible teachers in moving to rural and remote schools. 



  • $502 million Putting Queensland Kids First early support package to improve early life outcomes for at risk children.  
  • $247.9 million over five years for the Queensland Women and Girls’ Health Strategy 2032 to respond to the health needs of women and girls 
  • $118.4 million over four years in additional funding for Domestic, Family, and Sexual Violence services (taking total to $154.4 million) 



  • $107 billion over four years for the Queensland government capital program 
  • $26 billion over four years for the energy transition under the Queensland Energy and Jobs Plan 
  • $2.75 billion matched by the federal government for the Sunshine Coast rail line project. 



  • Additional $62 million over four years from 2024-25 plus $14 million per annum ongoing to 2032-33 in preparation for the Brisbane Olympics. 
  • Funding contributions between the State and Federal Governments for the jointly funded $7.1 billion venues infrastructure program to support the hosting of Brisbane 2032 over nine years to 2032-33. 



  • $15 million over 2 years to support tourism operators, not-for-profits and local governments for new and enhanced tourism infrastructure. 
  • $10 million over 2 years for “building bush tourism fund.” 



  • $25 million over 2024-2025 to continue “Made in Queensland” grants to support small-medium manufacturers to increase productivity, competitiveness and innovation. 
  • $110 million over 5 years to support Queensland Battery Industry Strategy. 


Renewable Energy

  • $26 billion for the “Queensland Energy and Jobs Plan” with a focus on publicly owned solar, energy storage, wind, and transmission infrastructure projects. 
  • $266.3 million to be invested into major renewable energy projects across Queensland. This includes: 
    • $92 million for CleanCo to progress renewables (solar and wind) projects across Central Queensland 
    • $174.3 million towards the 228-megawatt Boulder Creek Wind Farm near Rockhampton. 
  • $33.9 towards progressing the Northern Land Expansion Project, helping release additional land at Gladstone Port to assist renewable energy and other industrial development.