The housing market will be greatly boosted by this week’s Federal Budget, with Treasurer Josh Frydenberg announcing $507 billion in tax cuts, cash payments and wage subsidies to drive business investment and create jobs. The Treasurer unveiled a $74 billion jobs and tax stimulus plan, including tax cuts of up to $2,745 for 11 million Australians, $200-a-week wage subsidies for young workers and almost $35 billion in business tax breaks. Frydenberg says the recovery plan will “rebuild the Australian economy and secure Australia’s future”. Business, industry groups and universities roundly endorsed the package.
PIPA chairman Peter Koulizos says there’s plenty of good news for real estate consumers in the Federal Budget. “The job creation initiatives and tax cuts announced will support the property market, including helping young people not only stay in their rental properties but also move into home ownership,” he says. “The additional 10,000 places in the First Home Loan Deposit Scheme will also enable more prospective home buyers achieve their ownership dreams.”