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Reforms to slash red tape for foreign investors in the Queensland property industry are expected to boost housing supply and improve sentiment in the state.
The Queensland government has announced reforms to slash red tape and boost housing supply by simplifying the relief process for additional foreign acquirer duty (AFAD) and land tax foreign surcharge (LTFS).
The Crisafulli government said the changes would streamline foreign surcharge relief arrangements to increase the flow of capital, boosting housing supply and supporting investor sentiment.
The reforms, committed as part of the 2025-26 Budget, will reduce processing times and expand eligibility for foreign investors applying for relief from AFAD and LTFS.
The new policy settings, effective from Monday (15 December), have lowered the number of dwellings required to qualify for relief from 50 to 20 and enabled a new relief pre-approval process for residential developers.
In addition, the reforms have broadened the consideration of corporate groups and the contributions of group entities, recognising contemporary structures commonly used in property development.
The government has also reformed the publication of service standards for reviewing relief applications, further enabling greater clarity in the relief criteria.
Treasurer and Minister for Home Ownership David Janetzki said the reforms would help drive additional housing supply and affordability for Queensland buyers and renters.
“The Crisafulli Government is continuing to take action that will increase housing supply to deliver more homes for Queenslanders,” Janetzki said.
“We are ensuring Queensland remains a competitive and attractive destination for development and investment through delivering a clear message that Queensland is open for business.”
Property Council of Australia executive director of Queensland Jess Caire said Queensland has missed out on patient capital of 32,872 lost dwellings valued at $17.8 billion since the foreign tax regime was introduced in 2016.
“Today’s announcement shows not only leadership from the Government but a commitment to ensuring policy settings mean Queensland is open for business,” Caire said.
She said the introduction of the taxes and charges, particularly those dubbed as “foreign”, has squeezed new housing supply and caused Queensland to miss out on economic growth.
“Most alarmingly, the international taxpayers that have borne the brunt of these taxes are not foreign buyers looking to crowd Queenslanders out of housing but are in fact Australian-based developers and owners who build the houses Queensland needs,” she concluded.
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