Login
ISCOVER
The Queensland state budget has allocated funding to support SMEs and encourage FHBs into the market.
The Miles Queensland government handed down the state budget yesterday (11 June), revealing a number of measures to support small businesses and bolster employment.
The budget has allocated $19.7 million in additional funding to support the delivery of the Queensland Small Business Strategy 2024–27 to support small- to medium-sized enterprises (SMEs). This brings the government’s funding of the strategy to more than $250 million.
The Queensland Small Business Strategy 2024–27 aims to provide:
- Extra funding for grants to support SMEs to implement workforce solutions.
- Assistance for SMEs to recover from natural disaster events (including financial counselling and wellness coaching).
- Investment into cyber security support and safer retail precincts.
- Broadened access to upskilling and mentoring for Indigenous businesses.
- The continuation of the small-business grants program.
- Access to free training at TAFE to ensure SMEs have the skills to grow and succeed.
The Queensland government has also allocated $11 million over three years (out of the Homes for Queenslanders plan) to support the construction industry workforce.
A total of $203.1 million has been provided as additional funding to the Good Jobs, Great Training: Queensland Skills Strategy 2024–28 to provide more free and subsidised training for Queenslanders in construction, clean energy, health, social services, and more.
Premier Steven Miles said on the measures to support SMEs: “I recently released the Queensland Skills Strategy, which represent my vision for a well-equipped workforce, supporting a stronger economy.
“And now, this Budget supports that vision – with new and extended funding for more skills, better training facilities, and tailored small business support.”
Cameron Dick, Deputy Premier and Treasurer, said that the “best way” for Queenslanders to deal with cost-of-living pressures is to “have a good well-paying job that also improves the State’s productivity”.
Dick said: “That’s why in this year’s Budget, there is a record $1.5 billion investment to help Queenslanders upskill themselves and small businesses create better employment opportunities.
“By providing more fee-free and subsidised training, and greater support for small businesses – including a major boost to their cyber security – we’re empowering Queenslanders to gain new skills, build a bigger workforce, and keep innovating and achieving.”
Housing measures to support FHBs
The Miles government also announced that it has allocated $3.1 billion for housing and homelessness initiatives.
The government announced that it has increased the stamp duty exemption threshold for first home buyers (FHBs) from $500,000 to $700,000. Concessional stamp duty rates have increased to $800,000.
The first home vacant land concession has been increased from $400,000 to $500,000. The Miles government said that the changes to FHB concessions would benefit approximately 10,000 FHBs a year.
South Australia also announced last Thursday as a part of its state budget that it has removed stamp duty for all FHBs who purchase or build a new home.
The abolition of stamp duty in South Australia was introduced to increase housing supply while supporting young people into the market. However, brokers expressed concern over the flow-on effect that the concession would have on affordability, stating that the abolition of stamp duty may increase house prices.
The funding for housing will also go towards the construction of 200 high-rise social and affordable homes as part of the Southport Supportive Accommodation project to support those experiencing or at risk of homelessness.
A further $350 million in funding will go towards incentivising infill development that supports the delivery of new homes “in the right locations”.
Speaking on the measures for housing, Dick said: “To deliver Homes for Queenslanders we’ve committed $2.8 billion in this Budget for 2024–25, the largest investment in housing in Queensland’s history.
“This record investment in housing means we will continue this momentum and provide more homes for all Queenslanders – whether that’s by lifting the stamp duty threshold, or building the Southport Supportive Accommodation project.”
Housing Minister Meaghan Scanlon said on the Southport project: “I’ve listened to housing and homelessness services on the Gold Coast who told me about the demand not just for social housing but wraparound support, which is why we’ve locked in funding to build this project.
“The Southport site will bring with it the potential to provide on-site supports for people who need additional help to live independently.
“This Budget and our plan shows to Queenslanders a very clear distinction: a new Miles Labor Government that will build more homes, support renters, community housing providers and homelessness organisations, or the LNP who have no plan and no targets except to cut.”
[Related: SA stamp duty abolition could drive up house prices: Brokers]
JOIN THE DISCUSSION