While Labor’s budget was all about cost of living, the LNP’s reply is focused on housing.
Opposition Leader David Crisafulli has unveiled a raft of housing policies aimed at boosting home ownership and rental stock.
He also confirmed an LNP government would not proceed with the Pioneer-Burdekin Pumped Hydro Project, labelling it a “thought bubble”.
Waiving stamp duty
For Queenslanders looking to build a home, Mr Crisafulli plans to waive stamp duty for first home buyers and says he will commit to the state government’s higher stamp duty concession for pre-existing homes.
“Our plan is unashamedly designed to increase housing supply and get more Queenslanders into homes,” Mr Crisafulli said.
“An increase in housing supply will put downward pressure on supply”.
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Under the LNP’s plan, an $800,000 new home purchase would save first-time buyers $29,000 on stamp duty.
Labor’s budget, released on Tuesday, revealed extra concessions on stamp duty would be offered to first home buyers this financial year — including no stamp duty for homes valued up to $700,000.
The LNP also plans to lift restrictions on the first home owners grant recipients in a bid to free up rental stock.
Current legislation for first home buyers prohibits people from renting out rooms in their home in the initial 12 months of ownership, which also affects eligibility for the grant.
Deputy Premier Cameron Dick today called on the LNP to explain how it would pay for its housing policy proposals.
“He’s announced $400 million in unfunded stamp duty cuts, so let’s hear how David Crisafulli is going to fund that before we even consider what we might do,” he said.
Shared-equity scheme
Mr Crisafulli said a $165 million shared-equity scheme would also assist aspiring home owners who have at least two per cent of a home deposit in savings, allowing them to access assistance from the government to close the deposit gap.
The scheme would initially be open to 1,000 people and would offer up to 30 per cent equity for new homes and 25 per cent for existing homes.
In parliament, Premier Steven Miles criticised the plan and referenced the federal government’s “Help to Buy” program — which allows eligible homebuyers to access support to purchase their home with an equity contribution.
“Shared equity schemes aren’t a new idea, they’re a good idea, they’re a Labor idea,” said Mr Miles.
“We need new and inventive ways to achieve home ownership.”
The LNP has committed to delivering one million homes by 2044, which comes months after the Miles government released its $3 billion “Homes for Queenslanders” plan.
The promise delivers homes two years earlier than the Miles Government’s target for one million homes by 2046 and includes up to 10,000 homes to be built from unused charity and church-owned land.
Pumped hydro project ditched
He also confirmed an LNP government would not proceed with a proposed pumped hydro project in north Queensland, calling the Pioneer-Burdekin scheme “unachievable” and a “thought bubble”.
Touted by the government as the world’s largest pumped hydro scheme, it is still subject to studies, but about 50 homes are expected to be resumed.
Mr Crisafulli said the LNP would instead look at opportunities for smaller pumped hydro projects.
“There’s a difference between responsibly supporting budget supply — and honouring underway, fully-funded programs — and backing exorbitant thought bubbles,” he said.
“For these reasons, I announce today an LNP government will not proceed with the Pioneer-Burdekin Pumped Hydro Project scheme.
“In its place we will embark on a long-term plan which will provide alternative storage options to this unachievable project.
“The LNP will investigate opportunities for smaller, more manageable pumped hydro projects.”
Mr Dick said Mr Crisafulli needed to make clear the opposition’s alternatives to the project.
“Without pumped hydro, the whole architecture of renewable energy collapses — that’s the bottom line for David Crisafulli,” Mr Dick said.
Health, crime and cost of living
In his budget reply speech, Mr Crisafulli also announced the LNP will be focussed on four main areas in Queensland if elected, including the cost of living, youth crime, health and housing.
Investments in community resilience infrastructure to minimise the damage cause by natural disasters and regional projects were also touted by the opposition leader.
If elected, the LNP has vowed to introduce the “Making Queenslander’s safer” laws to combat youth crime, which includes removing detention as a last resort and will open the children’s court to victims and families.
“What’s needed is a long-term plan to address the issues which [Labor has] embedded in Queensland,” he said.
“Queenslanders want solutions that last longer than an election period.”
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