The Queensland Government announced the 2024-25 state budget on Tuesday, 11 June 2024. Our Policy & Advocacy team has reviewed the budget at noted highlights of interest to the profession in Queensland.
Housing
Homes for Queenslanders. $3.1 billion investment into housing and homelessness initiatives.
Build more homes, faster
- a target of one million new homes by 2046
- 53,500 new social homes
Initiatives include:
- a $350 million fund to incentivise infill development
- a new state facilitated development team to streamline decisions and quickly resolve planning and infrastructure issues
- $12.5 million of targeted, needs-based funding for local governments to facilitate strategic planning and updating of their planning schemes
- a new Distinctly Queensland Design Series, which will provide clear requirements, that when met, expedite the delivery of new homes with a focus on gentle density products that are viable.
Support Queensland renters
Initiatives include:
- a $160 million Renters Relief Package to give more households immediate cost-of-living support while new homes are being built, including help to pay bonds and rent
- reforming rental laws to protect renters’ rights, including banning all forms of rent bidding.
Help first homeowners into the market
To support more first homeowners, the first home buyers homeowner grant has been doubled to $30,000 for new homes until 30 June 2025.
Other initiatives include:
- supporting social housing tenants to own their own home through the Sales to Tenants program
- working with the Australian Government to implement the Help to Buy scheme, which will make it easier for up to 40,000 low and middle income families around Australia to buy a home
- supporting Queenslanders in regional and remote locations by temporarily raising the income eligibility threshold for the Queensland Housing Finance Loan.
Boost our social housing Big Build
The Queensland Government has set a bold social housing delivery target of 53,500 homes by 2046. Through this target, the needs of vulnerable Queenslanders are being addressed with a pipeline of:
- 8 new youth foyers to provide stable housing and support for young people who are studying or working
- 10 new or replaced domestic and family violence shelters to provide immediate safety and protection for women and children
- 1,200 social homes for First Nations families through partnership with Aboriginal and Torres Strait Islander local government authorities and communities
- more supported accommodation places across the state for people experiencing homelessness.
Big Build- Infrastructure
The 4-year capital program worth $107.262 billion.
Around $26 billion over 4 years to deliver the Queensland Energy and Jobs Plan (QEJP. This includes new publicly-owned investments, including:
- $16.5 billion for renewable energy and storage projects
- $8.5 billion for transmission infrastructure, including CopperString 2032, SuperGrid and Renewable Energy Zone transmission works
- $500 million for distribution network storage, including Energy Queensland’s Local Network Battery Plan and Local Renewable Energy Zone Pilot Projects
- $192 million for Powerlink to develop Transmission and Training Hubs in Townsville and Gladstone.
Supporting the regions
Budget will invest $18.568 billion in capital projects outside of the Greater Brisbane region in 2024–25.
- The $1.1 billion Works for Queensland program will fund job- maintenance and minor infrastructure projects relating to assets owned or controlled by local governments with $124.5 M allocated for 2024/25.
- $100 million over 3 years from the Disaster Recovery Funding Arrangements Efficiencies to support a suite of high priority disaster resilience and mitigation infrastructure and non-infrastructure programs and projects.
- a new 37.8 kilometre Direct Sunshine Coast Rail Line between Beerwah and Maroochydore
- Construction of the Coomera Connector (Stage 1) – $3.026 billion (jointly funded with the Australian Government) over several years.
- Bruce Highway Upgrade Program, which includes total budgets of $1.730 billion to construct the Rockhampton Ring Road, $1.162 billion to construct Cooroy to Curra (Section D), $948 million for the upgrade between the Gateway Motorway and Dohles Rocks Road (Stage 1), and $336 million towards a bypass of Tiaro to increase the flood immunity, safety and efficiency of the Bruce Highway.
- Construction of Stage 3 of the Gold Coast Light Rail, from Broadbeach South to Burleigh Heads with a total estimated cost of $1.219 billion (jointly funded with the Australian Government and Gold Coast City Council).
- $5.75 billion (split 50:50 with the Australian Government) for the Logan and Gold Coast Faster Rail (Kuraby to Beenleigh) upgrade
BRISBANE 2032 OLYMPIC AND PARALYMPIC GAMES
- $62 million over 4 years from 2024–25 and $14 million per annum ongoing to 2032–33 for the preparation of additional Project Validation Reports and establishment costs for the Games Venue and Legacy Delivery Authority
- Queensland and Australian governments jointly fund $7.1 billion for venues infrastructure program to support the hosting of Brisbane 2032.
- the venues infrastructure program comprises the Brisbane Arena ($2.5 billion) and upgrades to the Queensland State Athletics Centre and refurbishment of the Gabba Stadium and Suncorp Stadium ($2.7 billion) and 15 new or upgraded venues under the Minor Venues Program ($1.9 billion).
Other Important Budget measures
COST-OF-LIVING RELIEF
$11.218 billion in concessions to Queensland families and businesses, including:
- $1,300 off household electricity bills comprising an upfront $1,000 Cost of Living Rebate from the Queensland Government and $300 rebate paid in quarterly instalments from the Australian Government
- Around 205,000 eligible Queensland small businesses will also receive a $650 credit on electricity bills in 2024–25 (co-funded by the Queensland and Australian governments)
- 20 per cent reduction in the registration fee and traffic improvement fee components of motor vehicle registration
- a flat fare of 50 cents per trip will be applied across the state’s public transport network for 6 months
- $40 million in 2024–25 for FairPlay Vouchers. This will increase the maximum value of the FairPlay voucher from $150 to $200, and increase the number of vouchers available from 50,000 to up to 200,000.
- $15 million for the School and Community Food Relief Program
