Urban Taskforce CEO, Tom Forrest, said today’s Budget acknowledges a significant decline in forecast property from stamp duty, land tax, and developer contributions. That tells the real story on housing supply expectations.
Far from taking pro-active steps to address the slowdown in the property and housing construction sector, the NSW Budget is, on balance, a lost opportunity for housing supply. We can only hope that the NSW Government is keeping its powder dry for pre-election announcements, because this Budget has very little by way of new support for new housing supply.
While the public will no doubt be pleased with tolls relief and public transport support, and the 120,000 public servants will be delighted with their $1,000 pay bonus arising from the CPI topping 4%, Urban Taskforce Australia members assert that this could have been much better spent on reductions or deferrals of property related taxes, resulting in greater housing supply and improved housing affordability.
To read the full release, CLICK HERE