Friday 29 November 2024
MEDIA RELEASE
Property Council welcomes Senate Economics References Committee report – backs a sensibly balanced prudential framework
The Property Council of Australia has welcomed the report of the Senate Economics References Committee on the financial regulatory framework and home ownership.
The report recommends striking a sensible balance between the Australian Prudential Regulation Authority’s (APRA) regulatory functions and enabling access to credit to support home ownership.
Property Council Chief Executive Mike Zorbas said access to finance and closing the housing supply gap are both important factors in supporting home ownership, especially for first home buyers.
“It’s important to ensure that mortgages are not only the domain of the wealthy. With the appropriate regulatory balance, financial settings can match risk management with maximum support of first home ownership for the young and ambitious,” Mr Zorbas said.
“Australia has a well-regulated and stable financial system, of which we can be proud, but there is an opportunity for a framework that supports this stability and promotes equitable access to the great Australian dream.
“APRA should be entrusted to consider home ownership, particularly for first home buyers, when setting robust regulatory frameworks. Balance and flexibility to adapt settings and respond to changing economic conditions are essential.
“Another important driver of housing accessibility and affordability is the supply of new homes.
“Coupled with strong, nimble prudential settings, we need to improve planning and tax settings to boost the supply of homes across Australia,” he said.
ENDS
Media contact: Rhys Prka | 0425 113 273 | [email protected]