Disappointing lack of support for businesses in Queensland budget

• QLD budget focuses on family finances, but little support for business
• $650 electricity bill relief for small businesses will make little difference 
• Increase in stamp duty threshold for first home buyers a welcome move

Queensland Deputy Premier and Treasurer Cameron Dick handed down his budget on Tuesday afternoon (June 11) crammed with cost-of-living measures to help ease household finances.

However, the budget failed to provide any notable support for businesses in the state who have also been struggling in the current high-cost environment. 

The budget launched the Queensland Small Business Strategy 2024-2027 but with only vague details and a modest amount of allocated funding to support a range of initiatives, most of which already exist. 

“The budget focused heavily on household finances, such as energy bills and vehicle registration costs, which is understandable and will be well-received by many. But as these measures were being announced in recent days, Queensland business owners could be forgiven for feeling overlooked,” said Gavan Ord, Business Investment and International Lead, CPA Australia. 

“Every Queenslander knows a small business owner – and knows the financial pressures they’ve been facing in recent times, especially those in construction, hospitality and other energy-intensive sectors. 

“The $650 electricity bill rebate for small businesses, co-funded with the federal government, is better than nothing, but frankly it won’t make much of a dent in the annual bills of small businesses, especially those with high energy needs. 

“The overall assessment of the budget for small businesses has to be ‘disappointing’. “The budget missed an opportunity to expand measures that boost business growth and productivity, which would benefit all Queenslanders.”

Increase in stamp duty threshold for first home buyers

CPA Australia welcomes the Queensland Government’s move to increase the stamp duty threshold for first home buyers (from $500,000 to $700,000), as well as the first home vacant land concession increase (from $250,000 to $350,000).

“This will make a difference to first home buyers in Queensland,” said Mr Ord. 

“As property prices have skyrocketed, the increase in the stamp duty threshold for first home buyers has been long-overdue.

“CPA Australia wants governments to move away from inefficient taxes such as stamp duty. There is widespread agreement among tax experts and professionals that stamp duty should be replaced with a smaller, annual fee for all home buyers.”

Temporary reduction in public transport costs 

The budget confirmed the government’s already announced plans to cut public transport fares to just 50 cents for six months. 

Mr Ord welcomed the initiative as a short-term cost of living measure but said it would have little impact on helping people move around the state.

“To really change the way people use public transport, governments need to focus on improving services rather than just cutting fares,” he said. 

“This means improved scheduling and reliability. Public transport usage will increase when it works properly.”

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