Turf QLD Industry Alert |2017 FEDERAL BUDGET COMMENTS FROM PROPERTY COUNCIL TO TURF QUEENSLAND MEMBERS
2017 FEDERAL BUDGET COMMENTS FROM PROPERTY COUNCIL TO TURF QUEENSLAND MEMBERS
Scott Morrison’s second budget delivers a substantial housing package, talks a big book on infrastructure and is predicated on an economic upswing in Australia and around the world.
On housing, the federal government is targeting supply and will pull levers to enlist the states to fix blockages. Incentives will be built into the Western Sydney City Deal, and the national housing agreement will make funding contingent on delivering concrete supply outcomes.
First home buyers will be able to accelerate savings towards a deposit by using their superannuation fund as a bank, but only for salary-sacrificed amounts. A superannuation-based downsizer incentive will also be put in place.
Plus the Government wants to seed institutional investment into affordable housing with a well-flagged bond aggregator scheme and MIT changes (which don’t go far enough in their current form).
The budget largely resists measures which would make affordability worse, but does repeat a foreigner blame game that is becoming far too common.
While there is a welcome focus on new metro lines in our cities, almost all of the mooted $10 billion in funding will be beyond the four-year forward estimates.
There are lots of welcome measures in this budget – including several red tape cuts we have been seeking – but the attacks on foreign investment are disappointing and we will be testing the fine print on several measures in coming days.
Fundamentally the budget (once again) relies on an economic growth upswing to kick in next year. Let’s hope they’re right (this time).
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PROPERTY COUNCIL MEDIA RELEASE
PROPERTY COUNCIL MEDIA RELEASE
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