QLD State Government Changes

March 25, 2015

 

The recent appointment of Annastacia Palaszczuk to the role of governor of QLD as the local leader of the Labour party will bring some changes to the state but what are they? The appointment of the Labour party was by a narrow minority, implying that the new governing will be under close scrutiny and walking on thin ice. Prior to the election Katter’s Australian Marty MP Rob Katter said that a “sneeze” could change the government in Queensland1. Any Labour party changes will, hence, need to be made slowly and deliberately. QLD State government changes

As investors we are curious as to the implications of this government change on property prices. One of the largest changes to the state government’s platform is the promise not to sell off state owned assets. The intention had been to lease out several assets in order to release $15 billion, which would have balanced the state budget2. This asset “sell-off” was intended to also provide the ability to spend funds on infrastructure projects around QLD, which are now under review. 

With the removal of the asset off-sale it is unknown how the new government intend to balance the budget. Since coming to power a small step back has been made as the new state government has agreed to sell “non-strategic” assets in order to raise capital3. It seems that no government plan is official until it is actually implemented so we wait to hear what this new party decides to do. 

It is still early days but the list of Labour promises and priorities includes4: 

  • Pay off $5.4 billion of debt over six years, with a target of $12 billion over 10 years

  • Ergon-Energex-Powerlink merger

  • CS Energy-Stanwell Corporation merger

  • Commission of Inquiry into organised crime

  • Taskforce to review anti-bikie laws by the end of 2015

  • Reintroduce a $1,000 disclosure threshold for political donations

  • MP pay rises to be linked to public service pay rises

  • Reinstate the Skilling Queenslanders for Work program

2,500 extra teachers over three years 

$34 million for the TAFE sector over three years 

400 extra nurses over four years 

$100 million for Great Barrier Reef protection over five years 

Ban on dredge spoil dumping within the Great Barrier Reef World Heritage Area 

Ban on 100 per cent fly-in, fly- out (FIFO) mining projects 

$40 million extra funding for Tourism and Events Queensland over four years 

$200 million for regional infrastructure over two years 

$5 million over three years to deal with wild dogs 

Review of the Bus and Train (BAT) tunnel under the Brisbane CBD 

 

http://www.abc.net.au/news/2015-02-12/kap-says- sneeze-could-change-queensland-government/6088060 

http://directaction.org.au/issue13/queensland_stop_t he_assets_sell_off 

http://www.brisbanetimes.com.au/queensland/quee nsland-labor-government-to-sell-non-strategic- assets-20150305-13w9j7.html 

http://www.abc.net.au/news/2015-02- 25/queensland-labor-policies-promises-priorities- after-election-win/626

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