Trad reveals $1.3 Budget hit for Queensland
TREASURER Jackie Trad has revealed a $1.3 billion hit to the Budget off the back of the state's weak property market.
"Like Victoria, like NSW, Queensland will be forecasting a write down in terms of our revenue from stamp duty, from transfer duty.
"That's because we have seen changes in the property market, a decline in the transfer and construction of new dwellings.
"We are not immune. NSW has written down some $4 billion, Victoria some $2 billion and unfortunately in this Budget we are seen to be forecasting about a $1 billion writedown over the foreword estimates."
Ms Trad said the $1.3 billion write-down would likely worsen further.
"Evidence shows that the property downturn in several states is yet to bottom out, so we can expect to see those write downs grow further," she said.