On the same day the Reserve Bank lowered interest rates by 0.25% the Property Council have reinforced the push for planning reform to allow growth in the property industry. A key industry to the health of the Australian economy property remains a major focus of the 2016/17 budget.
Key Budget Measures
- Government announcing its intention to leave the negative gearing and capital gains tax regimes unchanged and also no change to the GST rate
- Provision of $4.6million in the next financial year to continue and expand the Cities Taskforce within the Department of the Prime Minister and Cabinet
- Inclusion of more than $33 billion over the forward estimates in infrastructure funding for a raft of key infrastructure projects
Read more about the budget from a property perspective below:-