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“The measures to support home ownership contained in this budget will help thousands of Australian’s achieve the dream of home ownership,” said HIA Managing Director, Graham Wolfe.
“Research shows that 85 per cent of renting households aspire to own their own home, yet only 45 per cent feel they will achieve it.
“While many people can service a mortgage, the deposit gap continues to be the biggest barrier to home ownership. The announcement of 50,000 places per annum under the Home Guarantee Scheme will support more Australians gain the security that comes with owning their own home.
“The First Home Super Saver Scheme is also providing a lower tax environment for home deposit savings. The increase in the withdrawal cap to $50,000 will enable first home buyers to keep more of their savings and pay less tax to help them save a deposit sooner.
“Secure housing is a fundamental need for everyone. As state governments scale back their direct provision of public housing, it is crucial that the not-for-profit community housing sector is supported to fill the void.
“Extending the liability cap of the affordable housing aggregator by a further $2 billion will enable the National Housing Finance and Investment Corporation to continue to build this critical housing.
“Access to funding via NHFIC will enable the community housing sector to make more affordable housing available to those having difficulty accessing the private rental market now and into the future.
“The critical shortage of skilled trades workers that we are experiencing today is the outcome of a sustained decline in apprentice numbers over a long period. The Boosting Apprenticeship Commencments (BAC) scheme turned this trend around, with apprentice and trainee commencements in the year to September 2021 increasing by 88 per cent compared to the previous year.
“The new Australian Apprenticeship Incentive System will take over from the BAC on 1 July. Acknowledging the need to incentivise people to start training makes great sense, as does continuing to support employers to take on those wanting to start their career in a trade.
“This budget comes at a time when the housing industry is facing some of the greatest challenges on record. Supporting home builders to meet the housing needs of all Australians will deliver on the nation’s home ownership aspirations.”
“Australia is set to commence construction on little more than a million new homes over the next five years, almost 200,000 short of the Australian government’s target,” stated HIA Senior Economist Tom Devitt.
HIA provided a submission into the Help to Buy Bill 2023 and the Help to Buy (Consequential Provisions) Bill 2023, herein referred to as the Help to Buy Bills.
“The upcoming Northern Territory budget presents a key opportunity for the Government to focus attention on measures to support increased housing supply and the delivery of much-needed homes in the Territory,” HIA Executive Director, Luis Espinoza said today.
New fast-tracked process to access land titles earlier for eligible developments.