Newman Government policies having positive impact

A 6.6 per cent increase in Queensland’s housing finance approvals up to November last year is a further sign the Newman Government’s policies are working to strengthen the state economy, Treasurer Tim Nicholls says.

ABS data released today shows the total trend number of finance commitments for owner occupied dwellings rose 0.9 per cent in November 2012.

“That’s the fifth consecutive monthly increase, resulting in a 6.6 per cent increase over the year,” Mr Nicholls said.

“So while times are challenging, we have started to see some real improvement in Queensland’s real estate sector since the LNP came to Government in March last year.”

Mr Nicholls said the Newman Government had wiped up to $7,000 off the cost of buying a home by reinstating the principal place of residence transfer duty concession.

“The legislative changes we made to ease household budget pressures are flowing through to the whole Queensland economy,” he said.

“By reducing the amount households have to spend on bills and general living expenses, we are giving many people the breathing space they need to enjoy a night at the movies, save for a family holiday or consider buying their own home.

“We’re also making the process of buying and selling homes easier by cutting the onerous and costly red tape and regulation that impedes business.”

Mr Nicholls said the September 2012/13 State Budget included carefully targeted changes to the first home owners grant, including more than doubling the value.

“The new $15,000 First Home Owner Construction Grant will stimulate the construction industry, create jobs and help alleviate the housing shortages in some regional resource communities.

“It will also stimulate the economy more broadly, as recipients furnish, decorate and landscape their new homes.

“While property groups say the FHOCG is already having a positive impact on their sales figures, we expect the full economic effect of the FHOCG changes will be seen as constructions are completed in 2013.”

[ENDS] 14 January 2013

Media Contact: Treasurer’s office – 3224 6900