In 2022 the Queensland Government tried to introduce a land tax reform. it meant that they would charge land tax on investors who owned property in Queensland – but it would be calculated on all Australian property owned by that investor.
Not only did it cause an outrage from any investor holding Queensland property the other states refused to supply ownership data so they were forced to drop the “reforms”.
However, in the short period that the reforms were on the table, it showed the Government’s long-term objective and contempt towards investors. As a result, investment in Queensland property has since dropped by nearly 20%.
This reduced investment coupled with the other issues surrounding the already desperate rental shortages has created even more frustration for tenants.