The McGowan State government has delivered a fair budget for tough times.
“The decision not to increase key WA property taxes in the 2017/18 budget is welcome and it recognises that the property sector has carried its fair share of the burden in earlier budgets. Property Council WA Executive Director Lino Iacomella said.
“Not increasing key property taxes like land tax and stamp duty will give added confidence to the recovery in WA’s property market.
“The focus on METRONET and infrastructure in the WA Budget is welcome news for the property and construction industry.
$1.2B of infrastructure funding will be allocated to funding METRONET Stage 1 projects over the next 3 years.
“It is pleasing that the budget contains funding commitments for METRONET as this will deliver density in and around station precincts.
The commitment to funding METRONET is critical for WA’s growth agenda.
“The budget recognizes the importance of activating the city centre and the decision not to increase the Perth parking levy is welcomed.
“While we have concerns that a foreign investor tax will be introduced at a time when we should be attracting foreign investment we are pleased that the Government looks set to avoid the mistake of some eastern states that taxed developers wanting to deliver new supply.
“If a foreign investor surcharge is backed by well-designed legislation, the commitment to exclude investment in residential developments of ten or more properties means companies simply wanting to create new projects can get on with the task of adding new supply and generating jobs.
“Overall the budget is a fair and responsible way to address the state’s economic situation and support growth.