Federal Election 2019 delivers on HIA imperatives
May 28, 2019
To the surprise of many, including the pollsters, the Liberal Party in coalition with the National Party, was successful in its bid to regain government in this year’s federal election.
Housing was a key issue in the pre-election debate with HIA’s federal election imperatives providing a sound footing for HIA’s advocacy to both major parties.
The campaign began with competing views on changes to negative gearing and capital gains tax, and in the final week, ended with agreement by both major parties to introduce a new ‘first home loan deposit scheme’ that would underwrite the costs of Lenders Mortgage Insurance.
HIA’s Imperative #2 called for action on lenders mortgage insurance and HIA welcomed the $500 million commitment by both sides to this initiative. It was also encouraging to see the commitment of $25 million to increase the knowledge on housing and land supply in the National Housing Finance and Investment Corporation.
HIA’s Imperative #5 called for no change to the settings for negative gearing and capital gains tax to allow private rental housing to continue to be supported by mum and dad investors. Given the election outcome, this result has also been achieved.
Of most note, with the announcement of the new ministry, HIA’s Imperative #1 to make housing a priority by appointing a dedicated minister for housing has also been delivered. The Hon. Michael Sukkar MP was appointed as the Minister for Housing, along with his position as Assistant Minister to the Treasurer.
The formation of the new Parliament presents an opportunity for HIA to refocus and recommit to highlighting to all sides of government the importance of the residential building industry to the Australian economy.
HIA’s federal election imperatives seek to put forward sensible and deliverable policy settings that can support the industry through the current housing cycle. HIA will continue to work with the new government to deliver on the other imperatives and to prepare the industry to deliver the homes of the future that meet the home ownership aspiration of all Australians. This election once again proved that ‘home ownership matters’.