As Australia begins to ease community movement restrictions and emerge from the slumber imposed by the Covid -19 pandemic. The Property Council of Australia has proposed a 7 – point plan to both reinvigorate the Australian Property Market and slowly rebuild our fragile economy.
- $50,000 New Home Boost Scheme – The grant was proposed to fund the construction of $50,000 new dwellings. This includes the construction/ purchase of retirement and assisted living facilities.
- Removal of Stamp Duty and other various tax reforms – It was proposed that all States temporarily suspend the application of Stamp Duty on transactions to allow more people to participate in the property market. Tax reforms such as retaining negative gearing, freezing tax increases and removing foreign tax surcharges to boost international investment were also suggested.
- Increasing and improving housing affordability – Have local Councils rezone land to favour development and promote the growth in local communities.
- Increase migration to Australia – It is hoped that the immigration department will rethink immigration policies to be more inclusive to support growth in under populated communities around Australia.
To find out more about Australia’s road to recovery as proposed by the Property Council of Australia please visit their website.