Skip links and keyboard navigation

    Media Statements

    Coat of ArmsMedia Release
    Treasurer and Minister for Employment and Economic Development
    The Honourable Andrew Fraser

    First home-owner cap and ‘top-hatting’ relief introduced into Parliament

    Treasurer and Minister for Employment and Economic Development
    The Honourable Andrew Fraser

    Tuesday, March 09, 2010

    First home-owner cap and ‘top-hatting’ relief introduced into Parliament

    Treasurer Andrew Fraser has introduced legislation into the Parliament that will cap the State Government’s $7,000 First-Home Owner’s grant to homes worth up to $750,000.

    Mr Fraser said the current cap of $1 million has applied since the start of the new year, but this legislation would restrict it further from 31 March.

    “First-Home buyers who can afford a house between $750,000 and $1 million don’t need a $7,000 state government hand-out,” Mr Fraser said.

    “The introduction of the legislation will target the grants to those who need it most.

    “This Government led the nation on introducing an initial cap, and from 31 March we will take that even further.”

    Mr Fraser said the Bligh Government’s efforts to abolish stamp duty for first-home owners on homes up to $500,000, a Federal Government boost that ended on 31 December last year and low interests rates led to the highest take-up of the first-home owner grants since the scheme was introduced in 2000.

    “The Bligh Government has maintained its first-home owner grant in a bid to stimulate the construction industry and create jobs.”

    In the 2009 calendar year, the average price of a home purchased by a first-home buyer was $344,584.

    Mr Fraser said the Revenue and Other Legislation Amendment Bill 2010 also introduced measures to increase business investment in Queensland.

    “The ROLA bill will also see relief given from duties paid to facilitate the restructure of stapled entities.

    “This will simplify present investment structures for Australian Real Estate Trusts, and also provide exemptions for the so-called ‘top-hatting’ of land rich corporations, listed public unit trusts and widely held public unit trusts.

    “This is a critical reform for the property industry that will support its recovery from the global financial crisis.”


    Media contact: 3224 5982