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QUEENSLAND STATE BUDGET

The Queensland state budget was handed down by Treasurer Andrew Fraser on
Tuesday 14 June 2011.

The key announcements made by the Treasurer were:

• The Community Ambulance Cover levy will be removed from 1 July 2011
  saving $113 per year for electricity account holders.
• A temporary $10,000 grant for the construction or purchase of a new home
  between 1 August 2011 and 31 January 2012 for properties valued up to
  $600,000.
• The concession for transfer duty for owner occupied homes will end on 31
  July 2011. Purchase of homes (other then first homes) will be subject to
  standard stamp duty rates from August onwards.
• A new landholder duty will replace the existing land rich duty model from 1
  July 2011. The new rules will apply to the purchase of 50% or more of the
  shares in an unlisted company with land in Queensland worth $2 million or
  more.
• The forecast deficit for the 2011-12 year is $4 billion with the budget
  forecast to return to surplus in the 2015-16 year.
• The forecast economic growth for the 2011-12 year is 5%.
• The unemployment rate is forecast to reduce from the current level of 5.5%
  to 5% during the 2011-12 year.

                                            
 
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