The Property Council of Australia has welcomed the Federal Budget and its focus on housing; however, it has warned that more investment in housing and the removal of investment hurdles is still required for the country to hit its ambitious and essential housing targets.
Mike Zorbas, the Property Council of Australia’s Chief Executive said the $1bn in new money for last mile infrastructure to unlock new housing supply was only a downpayment on what’s needed to bridge the housing gap and better plan all aspects of our cities.
“The government’s continued focus on housing is welcome. This Budget contains solid investment in housing – particularly for the most vulnerable – and the better planning of our cities.”
“To hit 1.2 million homes by 2029, we need to improve investment settings, incentivise housing approvals, further boost gold medal housing options including retirement living, purpose-built student accommodation and Build to Rent housing and bring more tradies in from overseas to complement domestic capacity.”
Mike Zorbas, Chief Executive, Property Council of Australia
Given the cost-of-living challenges being faced by Australians, Mr Zorbas said the second consecutive increase in Commonwealth Rent Assistance was welcome, but eligibility thresholds should be adjusted to include those living in retirement villages.
