Budget disappoints property industry players
Both the Housing Industry Association (HIA) and Master Builders Australia (MBA) have voiced their disappointment in the 2013-14 budget.
They believe the lack of measures focussing on construction will be detrimental for residential property owners and buyers.
Harley Dale of the HIA praised the 24 billion dollar investment into infrastructure, but said that even those measures "fail to address necessary infrastructure funding to support new residential development and boost new housing supply".
Similarly, Wilhelm Harnisch, chief executive officer of MBA highlighted previous comments from the treasurer and Reserve Bank governor that indicated they believed the building industry would help to mitigate the slowdown in the resources sector.
"However, there is nothing in tonight's budget that will help achieve this objective," Mr Harnisch said.
On May 7, following the announcement by the Reserve Bank of Australia to reduce the official cash rate to 2.75 per cent, Mr Dale was positive about the outlook for the property sector.
He said the that rate change "boosts the prospects of the residential construction industry mounting a sustainable recovery", which would be crucial to rebalancing economic growth.