Rates, borrowings surge in council budget
Gold Coast homeowners have escaped with rate increases around inflation, but it appears investors and commercial property owners won’t be so lucky.
The City of Gold Coast handed down its $2.7 billion budget this week, with Mayor Tom Tate saying he had restricted rate increases for owner-occupiers to 4.7 per cent.
“As mayor and Chair of Special Budget for 14 years, this has been the most challenging budget to frame,’’ Mr Tate said.
“Since 2012, I have worked tirelessly with successive councils to ensure any general rate increase is at or around Brisbane’s Consumer Price Index.
“Since 2012, we have ensured all annual rate increases have been at, or below, that CPI. That remains the case with the 2026-27 budget.
“Today, I announce an average general rate increase (owner-occupier Principal-Place-Residence) of 4.7 percent for 2026-27.
“The current CPI for Brisbane is 4.7 percent, confirming that through the diligence of all councillors and the City administration, we have again achieved a low rates mantra for all.
“Further, the City’s 10 percent pay-on-time discount has been retained, meaning a ratepayer with a $2000 rates bill, who pays on time, effectively receives a 10 percent discount.”
However, details in the council’s Operational Plan and Budget reveal the total amount of rates revenue the council will collect will rise from$1.66 billion to $1.782 billion, an increase of more than 7 per cent.
Given Cr Tate’s pledge that owner-occupiers will only receive a 4.7 per cent increase, the bulk of the revenue increase will have to come from investors and commercial property owners.
The budget paper also reveal that the council intends to sell $333 million worth of assets over the next four years.
In the 2026-27, the council has allowed for $81 million in asset sales.
Community campaigner Wayner Purcell was the first to identify the planned asset sell-off on his Facebook page.
At the same time, the budget papers reveal that the amount of debt the council has is projected to increase dramatically over the next 10 years.
The value of council borrowings is projected to increase by 90 per cent, from a little more than $1 billion in 2025-26 to $1.9 billion in 2030-31.
“As the second largest local government in the country, we remain committed to delivering essential services, infrastructure and planning for our 680,000 residents, 83,200 registered businesses and 14.4 million annual visitors,’’ Cr Tate said.
“To ensure frontline services are not only maintained but enhanced, this budget sets aside significant expenditure on transport services as well as record investment in natural areas including parks, sporting fields, land for wildlife, open space and nature-based projects.
“We are also investing $226 million into improving community facilities and sports venues which are the heartbeat of the Gold Coast.”
2026-2027 BUDGET AT GLANCE
$2.7 billion total budget
$1.6 billion in services and operating costs
$24.1 billion total assets
$1.2 billion total debt (rising from $1.03 billion)
$2.4 billion revenue
$1.0 billion in capital investment
$321 million increase in community wealth
$119 million debt repayments
CORE SERVICES AND OVERALL INVESTMENT HIGHLIGHTS
Safe drinking water and recycled water - $348 million
Sewage collection and treatment - $331 million
Waste services, collection and recycling - $198 million
Infrastructure - $543 million
Lifestyle and community - $226 million
Green space and environment - $241 million
Economy and events - $146 million
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