Queensland has followed in the footsteps of Victoria and NSW by revealing its state budget this week.
The Queensland Treasurer, Cameron Dick, yesterday announced the government’s plan to lead the Sunshine State out of its economic slump by borrowing big and backing business.
On the same day that the state’s long-awaited border restrictions were eased, Treasurer Dick revealed that Queensland’s debt will sky rocket to almost $130 billion in four years time, but how will the budget announcement affect the state’s housing market?
“The next four years will be a hard road for Queensland as we recover from Covid-19,” said the treasurer.
The state’s big borrowing plan includes $1 billion being set aside to tackle housing and homelessness, with more than $526 million of that figure being put towards the Housing Construction Jobs Program and Aboriginal and Torres Strait Islander housing.
Over 1,200 new homes, 452 of which social housing, will be constructed as part of the plans which aim to boost housing supply and drive economic activity across the state.
The $100 million Works for Tradies program will help deliver the new wave of housing, creating jobs and getting more Queenslander’s back into work.
With the state anticipating a surge in the number of interstate migrants making their way to Queensland now that the borders are open once again, the state is preparing to bounce back quicker than first expected.
The successful health response in Australia, including in Queensland, has allowed a greater than anticipated rebound in domestic economic activity.Queensland Treasurer – Cameron Dick
“It means more flights, more accommodation bookings, more activity to support jobs throughout our tourist regions,” Treasurer Dick said.