Key priorities of the 2011–12 Budget are revenue reforms and assistance packages which will strengthen Queensland’s economy, help families with the cost of living and protect jobs. This includes:
- removing the Community Ambulance Cover levy from electricity accounts
- introducing a $10,000 Queensland building boost grant (QBBG) available to any person or corporation building a new home to live in or for investment purposes, for less than $600,000
- removing the home concession for transfer duty
- a revised transfer duty rate structure which will continue to be lower in Queensland than any other mainland Australian state
- continuing the standard $7,000 first home owner grant but removing the regional first home owner grant
- continuing the first home transfer duty concession and first home vacant land concession through a revised rate structure
- continuing the 50% land tax cap on the annual increase in land values for land tax purposes
- continuing the 25% payroll tax rebate on the eligible wages of apprentices and trainees
- replacing Queensland’s land rich duty with landholder duty
- administration of mineral and petroleum royalties transferring from the Department of Employment, Economic Development and Industry (DEEDI) to OSR.