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“By increasing taxes on foreign investors, we are hampering the state’s ability to increase the supply of housing to meet the record level of migration.
“In addition to paying more than double the amount of Stamp Duty in Queensland compared to domestic investors, they have also seen an increase in costs from the Australian Government in recent years.
“The acute housing shortage in Queensland will continue to deteriorate if investment in new housing continues to attract more taxes and charges.
“We want to attract more investment to Queensland, especially into apartment construction in the SEQ, not tax it away.
“Foreign investors are not competing with first home buyers or forcing up house prices. Quite the opposite.
“Foreign investors can only buy new homes, not established homes. They cannot take the apartments oversees with them, and therefore are increasing the stock of housing.
“For this reason, they have a critical role in increasing the supply of new housing, especially apartments in SEQ.
The Housing Industry Association (HIA) is urging policymakers to focus on the factors holding back housing productivity, while warning that proposed changes to the taxation of discretionary trusts risk making it harder for small builders to invest, employ and deliver new homes.
“Today’s announcement by The Minister for Home Affairs, The Hon. Tony Burke MP, provides a balanced, long-term direction for Australia’s migration system, with stable and reliable pathways for the skilled workers the economy needs,” stated HIA Chief Economist Tim Reardon.
On Friday 18 September, the Housing Industry Association (HIA) is recognising the contribution to the nation of Australia's tradies and the vital role they play in building the homes, communities and future we all rely on.
The ability for regional NSW to build more homes will increasingly depend on winning the battle for skilled tradies, with housing competing against infrastructure, energy and emerging industries for an already stretched workforce, according to a new report from the Housing Industry Association (HIA).