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PCA: Queensland's taxation system needs 'complete overhaul'

The taxation system in Queensland needs revamping, the Property Council of Australia has argued.

Queensland's taxation system is in need of a "complete overhaul" to tackle inefficiency and inequity, according to the Property Council of Australia (PCA).

Kathy MacDermott, Queensland executive director of the PCA, said the property industry has carried an unfair proportion of the state's tax burden for years at $3.8 billion (£2.4 billion), or 29.2 per cent of its tax revenues.

While the amount of tax for every dollar of GSP generated stands at an average of 5c across all sectors, this rises to 12c for the property industry.

Firms in the property sector can no longer afford to have the state's investment competitiveness eroded, Ms MacDermott insisted.

She added: "The only way the Queensland government can strengthen its fiscal position in the long term is by increasing the flow of investment into the state."

In June 2011, Queensland was facing a housing shortfall of 4.6 per cent of estimated underlying demand, according to the latest figures from the National Housing Supply Council.

Posted by Ravin Chatlani

- tax, property, investment, government

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