APRA’s decision on residential mortgage lending guidelines and successful passage of the Federal Government’s personal income tax cuts package will provide a welcome shot of confidence for the property sector at a critical time for the Australian economy.
“The passing of the Federal Governments income tax package, means that millions of Australians will have extra income to put towards a deposit for a new home,” stated HIA’s Managing Director, Graham Wolfe.
A report released by the Housing Industry Association shows that the majority of Australian voters do not understand Labor’s proposed changes to capital gains tax and negative gearing. It also shows that the majority of people want a proper review before any changes take place.
“Changes to existing capital gains tax and negative gearing arrangements on residential investment properties proposed by the Federal Opposition will dampen first home buyer capacity to save for their first home,” stated HIA’s Managing Director, Graham Wolfe.
Both major parties need to re-commit to policy agendas for economic growth following the worse than expected performance by the Australian economy in the closing months of last year (2018),” said Denita Wawn, CEO of Master Builders Australia.