Property groups say this week’s Federal Budget will lift consumer sentiment, as they also backed the plan for further infrastructure spending.

The Property Council of Australia says the Budget’s growth projections are reliant on Australia’s housing markets holding up

“The headlines of surplus, infrastructure, and tax relief are welcome,” PCA chief executive Ken Morrison says. “This is a Budget set for growth, but behind every number in the Budget is the unknown effect of the housing market.”

Stockland chief executive Mark Steinert says measures to assist with the rising cost of living like tax relief and energy discounts will help to improve sentiment.

“These measures will help give young people more opportunities to realise the dream of home ownership,” he says. “However, it is critical that banks and lending institutions, with the direct support of regulators, provide responsible access to credit to help ensure the resilience of our housing markets.”