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“This budget, branded as ‘Focused on What Matters Most’, fails to respond to problems with our home building industry and instead seeks to relieve symptoms caused by the government’s failure to act. It seems that what matters most to the Victorian government is providing short-term relief to voters in the hope that it will help them be re-elected next year.
“Trading conditions for many new home builders have become increasingly precarious in the face of over-reaching new regulations, poor consumer confidence and escalating construction costs – many of which have been compounded by Victoria’s punitive property tax regime.
“Unfortunately, this year’s budget does little to reduce the prohibitive cost of new home building, apart from the previously foreshadowed decision to extend the stamp duty concession for off-the-plan apartments, units and townhouses for a further 12 months.
“Unfortunately, many Victorians continue to be robbed of choice when it comes to housing type as the scheme still doesn’t apply to new detached homes which are crucial for meeting the Victorian Housing Statement target of 800,000 homes in ten years.
“The extension of the stamp duty concession may lift housing demand by improving affordability and may result in some new apartment projects being brought forward that would otherwise stay on the drawing board.
“But this is pretty much as good as this year’s Budget gets for home builders.
“There is some funding allocated for TAFE and for apprenticeship support officers. Some additional funding for small business support has also been included.
“There is however no additional funding for the new Victorian Building and Plumbing Commission. This makes the already unrealistic expectation that it will provide enhanced consumer protection even less likely.
“With a focus on providing cost of living relief, the Budget delivers on the Treasurer’s promise not to include any new taxes. However, the fact that there’s very few transactions or classes of assets that have yet to be taxed by the Allan Government is little consolation to Victorian industry and the wider community.
“Any government claim that Victoria is a great place to do business is unrealistic thanks to this budget,” concluded Mr Ryan.
Yesterday the NT Government passed the Building Legislation Amendment (Fidelity Fund) Bill 2025, which includes new Ministerial powers and increased oversight of the operation of the Fidelity Fund NT.
The Housing Industry Association (HIA) held yesterday an Outlook Breakfast in Newcastle to provide industry with the latest economic data, discuss HIA’s forecasts and share key insights in the residential construction sector.
“National Asbestos Awareness Week provides an important reminder as we head into end of year, when people may be looking to undertake renovation or DIY work on older properties and the need to be vigilant in managing safety on site,” Jocelyn Martin, HIA Managing Director, said today.
The Housing Industry Association (HIA) welcomes the announcement that Round 3 of the Housing Australia Future Fund (HAFF) facility will open early next year, expanding the pipeline of social and affordable housing projects, HIA Managing Director Jocelyn Martin said today.