New Queensland Treasurer Jackie Trad has defended her government's planned "Robin Hood" property tax ahead of her first budget update on Monday.
The Property Council on Sunday warned the proposed 2.5 per cent land tax on properties worth more than $10 million would hurt land values and jobs growth.
But Ms Trad dismissed the claims, saying the "modest" tax would only affect 850 property owners.
"This is a very modest increase ... we think it's fair that those that can pay a little bit more, do pay a little bit more," she told reporters on Sunday.
Ms Trad will release the government's Mid-Year Economic and Fiscal Outlook on Monday, but is keeping mum about what the budget update will contain.
"We went to the election with a very clear comprehensive fiscal strategy, we outlined the revenue measures and the expenditure measures that we would be introducing this term and I'll let that document speak for itself," she said.
The land tax was one of four new taxes announced by then Treasurer Curtis Pitt just days before the November 25 election and is expected to raise $227 million for the state's coffers.
But Shadow Treasurer Tim Mander said the new tax would have a much bigger impact than Labor had let on.
"The Labor government has made out that this will have a minimal impact on a small number of people, that is simply not true," he told reporters in Brisbane.
"There will be outcomes and consequences, which will lead to, we believe increased rents for small businesses, it could affect farmers and it definitely will certainly impact business confidence, which means it will have an impact on jobs."
