Preliminary budget “leaks” and announcements contain no joy for the property development or tourism industries in Queensland or Australia.
The property investment industry, particularly residential investment has recently seen a cutback in the NRAS scheme (National Rental Affordability Scheme,) which has not worked because the incentives to developers were not there. There needs to be tax benefits available for developers of rental accommodation under a certain value, say $400,000.
Tourism is being strangled by the high Australian dollar and needs more funding for promotion overseas, but we have the car industry being rewarded for inefficiency instead. The car industry nationally employs 150,000 people compared to 500,000 in the tourism industry.
The Government is basking under the low unemployment numbers, but the savior has been the mining industry which has soaked up many workers from the building industry. This has been the result of unsustainable commodity prices, rather than structural economic drivers to sustain and create employment opportunities.
Australia is simply riding a commodity boom, which inevitably ends abruptly and without notice.
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