Property downturn cuts $1b from Queensland budget, Treasurer reveals

The Queensland budget will be hit with an expected $1.32 billion revenue drain due to a massive reduction in transfer duty, new figures compiled by Queensland Treasury have revealed.Queensland Treasurer Jackie Trad said that despite the revenue fall, Queensland fared better than NSW and VictoriaMs Trad will outline the findings in a Federal Budget reply speech this morning

While calculations in December's Mid Year Fiscal and Economic Review estimated Queensland's transfer duty revenue to be down about $240 million since the June budget, new data has revealed the drop to be more than five times the initial estimate. Queensland Treasurer Jackie Trad is set to reveal the alarming details in her speech in response to the Federal Budget this morning.

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