What a difference 12 months makes - our State Treasurer did a turnaround last week announcing in the week prior to his second budget that QLD will introduce a 3% surcharge of stamp duty for Foreign purchasers of residential property.  This time last year the message was about increasing QLD's competitiveness for Foreign investment dollars and assurances that no surcharge would be imposed. Clearly the VIC government have been spruiking about what a money spinner its been! 

The Treasurer's comments around wanting foreign investors to contribute to infrastructure and services that they receive the benefit of  - are frankly a bit of a joke. Weren't they already paying the same as all other investors before? - So what justifies Foreign investors contributing more than domestic investors to local infrastructure and services?

I think there is naivety in selling this as a surcharge that will not impact Queenslanders. When foreign investors choose to take their capital elsewhere - this is not good for Queensland. Particularly at a time when there is nervousness  around the level of apartment supply coming to the market, throwing an additional obstacle like a surcharge at foreign investors is not going to assist those currently marketing projects overseas.