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{{propApi.successMessage}} {{region}} Change locationLittle for housing industry in tough state budget
Little for housing industry in tough state budget
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While recognising this year’s state budget reflects a much-needed recommitment by the state government to repay COVID debt and improve Victoria’s longer term financial position, HIA is disappointed the budget does not do more to immediately support Victoria’s vitally important residential building industry.
HIA Executive Director, Victoria, Keith Ryan said the stamp duty reforms for commercial and industrial property are positive and the commitment to abolish stamp duty on business insurance over ten years is also good news.
“In coming years, the retention of stamp duty for residential property will be increasingly difficult to defend. Stamp duty is an inequitable and inefficient tax that also does not provide a reliable revenue stream for governments.
“It would have been better to have residential property included in the reforms announced today. HIA expects that stamp duty will eventually be abolished for all real estate transactions once the budget returns to a surplus.
“While steps to rein in the steep rise in state debt through the COVID Debt Reduction Plan are necessary, large businesses with national payrolls above $10 million a year will shoulder much of the burden through a temporary additional payroll tax until 2033.
Landholders also face higher costs from 1 January 2024 when the tax-free threshold for general land tax rates will decrease for ten years. Those who pay land tax will attract a temporary additional fixed charge up to $975 and the tax rates will temporarily increase by 0.1 per cent for both general and trust taxpayers. The family home will remain exempt. These tax increases will not help housing affordability or the supply of new housing.
“The government hopes these steps, along with other revenue measures, will see the budget return to an operating surplus in 2025/26.
More positive is the budget’s support for small business with the payroll tax-free threshold rising to $900,000 from 1 July 2024, with a further increase to $1 million from 1 July 2025. The government estimates this will save money for more than 26,000 small businesses, including 6,000 businesses that will stop paying payroll tax altogether.
“With a tough budget out of the way, the residential building industry is looking to the Victorian Government to turn its attention to delivering on its commitment to overhaul domestic building contract laws and accelerate planning reforms that keep the momentum of home building activity positive and growing, concluded Mr Ryan.
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Detached house approvals picking up
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
State Budget is a missed opportunity to stimulate housing
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
HIA supports bipartisan approach to planning reform NSW
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.