Cost of living relief just days away for Queenslanders

Treasurer and Minister for Trade
The Honourable Tim Nicholls

Cost of living relief just days away for Queenslanders

Queenslanders will receive a much needed boost to household budgets after the passage of the Newman Government’s Cost of Living Bill through Parliament last night (Tuesday 19 June).

Treasurer Tim Nicholls said the Treasury (Cost of Living) and Other Legislation Amendment Act included a range of measures that would deliver cost of living relief for Queensland families and businesses.

“This Bill was the first introduced by the Newman Government after the election and shows just how committed we are to reducing cost of living pressure for families and providing relief for small businesses,” Mr Nicholls said.

It delivers a number of the LNP’s key election commitments, including:

• Reinstating the transfer duty home concession, saving families up to $7000 (From 1 July);
• Increasing the payroll tax exemption threshold for businesses from $1 million to $1.1 million;
• Freezing the standard electricity tariff (Tariff 11) savi ng families an average of $120;
• Abolishing sustainability declarations when selling houses; and
• Introducing an Office of Best Practice Regulation to cut unnecessary red tape

“These measures go right to the heart of the Newman Government’s priorities of helping families and small businesses who did it tough under years of Labor,” Mr Nicholls said.

“During the debate, LNP MPs spoke of their concern after listening to stories from many local residents – from Logan to Hinchinbrook – who were struggling under ever-increasing cost of living pressures.

“The Newman Government has listened to those concerns and acted without hesitation to do what we said we’d do – deliver cost of living relief.”

Mr Nicholls said home buyers would once again benefit from lower transfer duty on acquiring their family home.

“This will also boost our ailing property sector which struggled under the policies of the previous Government.”
< br>He also said increasing the payroll tax exemption threshold would make Queensland an even more attractive place to do business and create job opportunities in small and medium businesses.

“This is the first step in our commitment to increasing the threshold to $1.6 million over six years,” he said.

“Businesses will also benefit from our commitment to slash red tape by 20%.

“Each of these measures, in addition to our pledge to freeze car registration and reduce water bills, will help Queensland families and businesses who were constantly fleeced through increased taxes and charges by the former Labor Government.”

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