REIA tells govt to bolster FHOG, slash taxes

Subscribe free to Real Estate Business

Staff Reporter

The Real Estate Institute of Australia (REIA) wants housing affordability and inefficient property taxes addressed, and the first home owner grant (FHOG) more than doubled as part of the next federal government budget.

“Inefficient state property taxes and the development of solutions to improve housing affordability and supply are key issues for the next financial year and we would like to see action from the government," REIA president Pamela Bennett said.

The request was part of the REIA pre-budget submission, which it lodged to the government yesterday.

Other issues the REIA are lobbying the commonwealth government to address in the next budget includes; retention of current arrangements for negative gearing of property investments, no Capital Gains Taxes (CGT) on the family home, no increase in CGT on property investments and removal of stamp duty on property transactions.

The REIA is also seeking an increase in the first home owner grant, from the present $7,000 to $15,000.

“The lack of financial assistance to first home buyers is an issue that requires considerable attention to ensure that property is affordable for young Australians and that they can one day aspire to own a home," Ms Bennett said.

"The REIA urges the government to not only retain the grant but to review the amount currently provided as the relative size of the grant has declined markedly in relation to house prices."

The REIA also wants to see the implementation of a scheme to allow first home buyers access to their superannuation for the purchase of a home; monitoring of the Housing Affordability Fund (HAF) and National Rental Affordability Scheme (NRAS) to observe its effects on housing supply, and to conduct a review which considers additional measures to bridge the demand - supply imbalance; ensuring that the National Housing Supply organisation publishes its State of Supply Report in a timely manner; and the appointment of a National Small Business Commissioner.


Latest News

Recommended for You