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2016-17 Budget Reply Speech

The 2016-17 Budget Reply speech by the Federal Opposition Leader repeats incorrect assertions about housing affordability.

Housing affordability is a huge issue not only in the Territory but the whole of Australia. Housing affordability needs to change, but it won’t change if you prescribe the wrong solution. Property Council of Australia NT Director Ruth Palmer said.

“By adding $32 billion in additional taxes on property through proposed changes to negative gearing and capital tax arrangements will not lead to an improvement in housing affordability.

“The way to tackle housing affordability is to deal with the weaknesses in supply and to undertake meaningful reform in taxes.

“Australia is crying out for the federal government to deal with housing supply imbalances and to reform property taxes.  The commitment of the Giles Government to increasing land supply throughout the Territory is commendable.

“In the Top End, housing supply does not present as an issue at the moment due to incentives that were rolled out to encourage new housing development.

“Nationally, we are looking to both sides of government to incentivise planning and to ensure that our housing supply meets its growing demand. Our research indicates that establishing a national competition payments framework to planning systems across Australia could create $3 billion in economic uplift.

“The previous Labor Government established the National Housing Supply Council which identified Australia’s housing deficit. Our hope is that the Federal Opposition will recommit to solving the problem identified by this body.”

There were no new announcements relating to property in the Opposition Budget Reply Speech but there is now clear separation between the two parties on company tax cuts.

Media contact:  Ruth Palmer  |  M  0450 428 314  |   E  rpalmer@propertycouncil.com.au