Kelly Butterworth

Mining royalties to Qld Govt to take a $3b nosedive

MINING royalties paid to the Queensland Government will take an almost $3 billion dive over the next four years.

In Treasurer Curtis Pitt's last major address before he hands down the State budget on July 14, he said despite the drop, Queensland still had a strong resource industry.

He told the Property Council lunch in Brisbane on Wednesday the budget would boost jobs and restore funding for frontline services in areas such as education, health and tourism.

Mr Pitt said one of the real bright spots in the economy was the property sector.

He said house dwelling approvals for the March quarter were up 26% on the same time last year and investment had grown 11%.

Mr Pitt said investor housing finance for existing dwellings hit $4.2 billion - the highest in more than seven years.

He said to encourage investment there would be no new State taxes targeting foreign property investors in Queensland.

Mr Pitt also said there would be no change to the Great Start Grant for first home-buyers.

He said by the end of last month, (May 2015) more than 12,000 Queensland families had been helped into a new home thanks to these grants.



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