Federal Budget lacks focus

THE Federal Budget has largely ignored Australia's residential building industry and the opportunity to implement further measures to increase housing supply, said the Housing Industry Association.

"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.

"It is disappointing that there are no measures to address the excessive regulatory and taxation environment faced by Australia's residential building industry," said Dr Dale.

"Such reform and investment measures would generate a healthy economic dividend to the entire economy, including a substantial boost to government revenue.

"The boost to infrastructure investment is welcome, however the measures fail to address necessary infrastructure funding to support new residential development and boost new housing supply."

Extending the requirement to make monthly pay-as-you-go (PAYG) income tax instalments to include smaller entities, including trusts, superannuation funds, sole traders and large investors will add an immediate cost impost on business.

Topics:  federal budget 2013 hia market real estate

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