A new funding model will provide greater certainty and stability to the Rental Tenancies Authority (RTA) under legislation introduced into Parliament today.
Treasurer and Minister for Trade and Investment Cameron Dick said proposed amendments to the Residential Tenancies and Rooming Accommodation Act 2008 would deliver greater protection to Queensland tenants rental bonds.
“Every Queenslander deserves to have a roof over their head and with 1.8 million Queenslanders tenants across the state, it has never been more important to have an appropriately funded and sustainable regulator,” the Treasurer said.
“Queensland Treasury has been working with the RTA over the last few years on a more sustainable funding model, with the impact of the pandemic creating even more volatile global financial markets.
“From July this year, Treasury will provide the RTA with an annual grant from the Consolidated Fund, meaning the RTA will no longer be required to seek investment returns to fund its operations.
“Bond monies paid to the RTA will be held in an operating bank account to limit exposure to fluctuations in the global financial markets.
“The new laws include a statutory guarantee on the payment of rental bonds, providing greater protection on behalf of Queensland tenants.”
The Treasurer said the changes would not impact the RTA’s day-to-day operations.
“There will be no chance to the way renters and landlords interact with the RTA, with all services including those relating to the payment, redemption and holding of rental bonds remaining unchanged,” he said.
Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick