On May 14, the federal government released its 2013-14 budget, and has generated a number of reactions from industry groups. One of these is the Housing Industry of Australia (HIA).
The HIA has stated that while the budget has provided positive infrastructure announcements and funding, it has not sufficiently addressed Australia’s real estate and residential building industry, or the need to increase the national housing supply.
“Housing Australians should be a federal government priority. While the budget retains the existing NRAS program and includes a modest measure to assist seniors in downsizing their homes, housing has otherwise been ignored,” said HIA’s chief economist, Dr Harley Dale.
Dr Dale added he was disappointed that there were no measures announced to address the regulatory and taxation environment that the residential building industry faces, which he says are excessive and damaging to the industry.
He welcomed the boost to overall infrastructure investment, but said that specifically, residential real estate in Australianeeds more funding as well.
“For an industry that is crucial to rebalancing Australia’s economic growth, a lack of focus on residential building in tonight’s budget is a glaring omission,” said Dr Dale.