Federal Budget 2021 Wishlist
In the lead up to the 2021 Federal Budget, Mathew Tiller, Head of Research for the LJ Hooker Group said:
HomeBuilder extension or replacement
“The take-up and success of the Federal Government’s HomeBuilder stimulus measure proves it needs to be extended, or replaced with a longer-term program, within the 2021/22 Federal budget to ensure the economic benefits of this measure remain.
“By providing an effective incentive to build a new home, this policy has proven to be particularly successful in helping first home buyers purchase a house and for young families looking to upsize, often in outer-suburban areas prime for new development opportunities.
“The latest ABS data for March 2021 showed that dwelling approvals for houses have increased by 60.9% per cent compared to March 2020.
“This has had a very positive effect on assisting with the economic recovery by ensuring jobs for the construction industry and small businesses whose revenue relies on selling, designing, planning, building and construing new houses or renovating existing homes”.
“Increased workplace flexibility and a desire for open space and fresh air has led to the relaxation of households needing, or wanting, to live close to CBDs.
“This has seen an increase in the number of households bringing forward their decision to make a tree or sea change. This has led to considerable growth in population numbers for major regional centres, a short drive from Capital Cities, and many small rural towns.
“This trend, while likely to slow as work practices get back to normal, will continue to be a more popular choice for young families and retirees into the future.
“To ensure this movement is sustainable and is positive for local economies, the 2021/22 Federal Budget needs to invest in regional Australia and have the right policy settings to ensure there are adequate jobs, infrastructure, services and housing to support and meet the need of growing regional centres.
“Almost two thirds of Australia’s export earnings come from regional industries, therefore, strengthening our regional economies also helps build resilience in the national economy.”
Open international borders to assist our CBDs
“Australia’s CBDs are the engine rooms of growth for the national economy. They have been considerably disrupted over the past 12-months and are only just beginning to rebound from lockdowns, restrictions and changes to workplace cultures.
“The 2021/22 Federal Budget needs to provide a measure which assist and attract workers and companies back into the office will help ensure we have vibrant city centres, help local businesses and secure the future economic growth of the country.
“These policies include ensuring there is a clear path and strategy to open our boarders to international students and workers which will assist our hotel, tourism and education industries.”