The 4.7 per cent figure aligns with Brisbane’s CPI for March, the formula the City has applied consistently for the past decade under Mayor Tom Tate. The original proposal would have broken that longstanding commitment, which Tate has publicly maintained since 2012.

The backdown is estimated to save ratepayers at least $13 million, though it will require a rethink of capital works funding. Sources suggest the council may look at reducing contingency allowances on projects as one way to offset the revenue impact.

Councillors also abandoned a proposed shift to a flat rate early payment discount system, reverting to the existing 10 per cent discount. The combined changes had been described by some councillors as a potential “political disaster,” with Deputy Mayor Mark Hammel noting that neither rates nor early payment discounts had featured as election commitments.

The City’s full budget is due to be handed down on 15 June.

Source: The Gold Coast Bulletin