Heightened confidence amongst Queensland’s property and construction sector is a further sign the Newman Government’s economic policies are having a positive impact, Treasurer Tim Nicholls says.
Mr Nicholls welcomed the release of the Property Council of Australia-ANZ Property Industry Confidence March quarter survey, which showed an eight-point rise in Queensland’s confidence index.
“This was the second biggest increase, behind only Western Australia, and charts the way forward for a positive 2013,” Mr Nicholls said.
“It means that Queensland is now one of only three states to be in positive territory on the confidence index, and is a further sign of a potential recovery.”
Mr Nicholls said the survey showed lifts in confidence for capital values in the retail, tourism and office sectors, as well as house prices.
“The growth in confidence for house prices was particularly pleasing, as it marks the second consecutive quarterly surge and the highest level of optimism since the survey began,” he said.
Mr Nicholls said revitalising the property and construction sector was a major focus for the Newman Government.
“On coming to Government we immediately implemented policies aimed at growing this vital part of our state’s economy,” he said.
“We reintroduced the Principal Place of Residence Concession, saving families up to $7,000 when purchasing a home.
“As part of the 2012-13 Budget we implemented a $15,000 First Home Owners Construction Grant, which was all about stimulating activity in Queensland’s construction industry.
“We’re also reforming state planning legislation to streamline processes by allowing developers to deal with one single office, thus reducing the complexity and increasing the certainty of development outcomes.
“We’re making the process of buying and selling homes easier by cutting the onerous and costly red tape and regulation that impedes business.
“We’ve increased the payroll tax threshold from $1 million in 2011-12 to $1.1 million in 2012-13. The threshold will continue to increase by $100,000 each year until it reaches $1.6 million on 1 July, 2017.
“Queensland continues to have the lowest payroll tax rate in Australia and the highest payroll tax threshold of any major state, making Queensland the most competitive place to do business.
“These initiatives are all about getting the industry going again and it’s encouraging to see our efforts recognised with increased confidence.”
Mr Nicholls said the latest Westpac-Melbourne Institute Consumer Sentiment Index, released yesterday, showed consumer confidence was also on the rise.
“Queensland’s index rose 9.8 per cent to 103.3 points in January, which is further positive news to start 2013,” he said.
“The Newman Government has implemented policies that deliver certainty to industry and ease the cost of living for Queensland families.
“These latest surveys are proof that these measures are starting to flow through and provide real economic relief to all Queenslanders.
“Queensland is a great state with great opportunity and 2013 is going to be a year of positive growth.”