Shadow Treasurer Curtis Pitt says Queenslanders struggling to enter the housing market will foot the bill for the LNP’s concessions to existing home owners trading up their properties.

Mr Pitt said the LNP had now embraced a scheme previously described as a “fizzer” by Treasurer Tim Nicholls.

“Any support for the building industry, jobs and home buyers is welcome,” Mr Pitt said.

“Every parent is concerned about how their children can afford to enter the home-ownership market, and many young couples and individuals have the same concerns.

“But the LNP’s $15,000 grant for first home buyers building new homes means a $2,000 cut in the total possible support offered by the previous government.

“Under Labor first home buyers could access the $7,000 first home owner’s grant plus the $10,000 building boost if they chose to buy a newly constructed dwelling.

“The LNP is offering $15,000 in total but only for newly constructed homes, while Labor offered up to $17,000.

“In addition, the Premier and Treasurer said before the election that they had identified savings to fund their promises including their plan to restore the $7,000 stamp duty concession for existing family homes when owners are trading up in the market.

“Now we find that promise is to be funded by taking away the $7,000 grant for those Queenslanders trying to get into the market.

“Labor’s scheme was flexible enough to recognise that not every first home buyer wants to build a new home and that for many the purchase of an existing dwelling was the best and quickest way to enter the market.

“In fact the REIQ has said the government’s own figures show only 24% of first home buyers are purchasing new constructions.

“Treasurer Tim Nicholls described Labor’s building boost as a ‘fizzer’ and when it ended in May, but is now putting forward his own open-ended version.

“Unfortunately, the LNP’s version is at the expense of those wanting to buy existing homes,” Mr Pitt said.