Queensland’s property sector has overtaken mining as the state’s leading source of revenue, according to a new analysis of the 2024-25 Queensland Budget by the Real Estate Institute of Queensland (REIQ).
The budget projects that property taxes will contribute $45.2 billion to the state’s coffers over the next four years, surpassing the $30.2 billion expected from mining royalties by a significant $15 billion margin. The forward estimates for 2025-26 to 2028-29 reveal that property taxes – including $31.4 billion in stamp duty and $13.9 billion in land tax – will average $11.3 billion per year.
REIQ CEO Antonia Mercorella said real estate has become the single largest contributor to the budget, accounting for a growing share of government income.
“Real estate is the backbone of the local economy, as one of the largest employers in Queensland of around 49,500 people and providing the state’s largest revenue source,” Mercorella said.
She noted that by 2028-29, the gap between property taxes and royalties is projected to widen to a record $5.8 billion.
“Property tax revenue exceeds mining royalty revenue by a significant margin,” she said. “It marks a significant shift in Queensland’s revenue base, with property now firmly overtaking resources as the dominant contributor.”
The REIQ also highlighted the state’s increasing reliance on the property sector, estimating that property tax revenue in 2025-26 alone could support 30,311 full-time equivalent public service roles.
Mercorella said this included approximately 13,053 staff in Queensland Health, 8,541 in Education Queensland, 2,163 in the Queensland Police Service, and 6,554 in other agencies.
She warned of “serious bracket creep,” where rising property values are pushing more properties into higher tax brackets.
“The substantial increase to property tax revenue is due to escalating property prices… it’s also important to recognise its fiscal impact on property owners and damping effect it can have on investment and market participation,” she said.
The REIQ is advocating for reform, particularly around stamp duty, which it described as a “regressive tax” that discourages mobility and housing market turnover.
According to the ABS, the total value of Queensland’s residential real estate reached $2.15 trillion in March, nearly doubling since March 2020. Property taxes are set to comprise 39.2% of total taxation revenue by 2028-29.
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