reiwa.com.au | 09/05/2018
Federal Treasurer Scott Morrison has handed down the 2018-19 Federal Budget, which focusses on continuing the economic growth seen over the last year.
With the balance sheet looking better than expected, thanks to a $35 billion boost over four years, the property market was relatively unscathed as the Treasurer ruled out changes to negative gearing and capital gains tax.
Locally, Western Australia is set to receive $3.2 billion of infrastructure funding. This will provided much-needed financial relief for WA and will also boost the WA economy through job-creation and the delivery of essential infrastructure. Securing funding will provide certainty for development and investors.
Included in the infrastructure package is:
$1.05 billion for METRONET
$944 million for the Perth Congestion Package
$560 million for the Bunbury Outer Ring Road
$220 million for the Great Northern Highway Bindoon Bypass.
For WA, this budget provides much needed funds for infrastructure projects, but this one-time sugar hit does not replace the need for WA to receive its fair share of the GST.
Another feature of the 2018-19 Federal Budget is that seniors will now be eligible to receive additional funding to allow aging in place. REIWA is supportive of seniors having adequate choices to meet their housing need. We would like to see the choice to ‘right size’ also supported in the State Budget though a transfer duty concession.
For more information, view the Real Estate Institute of Australia’s budget snapshot or read their media release.