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Property News

Federal budget receives mixed reviews from residential property industry

May 10, 2012

The changes brought about in the 2012 Federal Budget have been met with mixed responses from the residential property and housing markets.

Some professionals have said that the latest financial planning efforts offer relief in certain sectors and welcome the moves as preludes to further changes, while others have stated they feel the program does not offer enough support.

In the first field, chief executive of Master Builders Australia (MBA) Wilhelm Harnisch explained that confidence was lacking in the construction industry but that the move to return the budget to surplus "should help the Reserve Bank find room to move further on interest rates".

Mr Harnisch asserted: "The move back to a budget surplus – albeit a slender $1.5 billion – sends the right message to international investors that Australia can run a disciplined fiscal strategy which in turn better positions the nation to withstand any further global shocks to the economy."

The CEO went on to say that the combination of tax concessions for businesses and family payment programs could also help to stimulate the economy - which in turn might help to grow demand for both residential real estate and new housing developments.

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