Corridors of Power – 4 August 2015

Corridors of Power – 4 August 2015Treasurer Joe Hockey confirms no merit in changing negative gearing; a new Speaker in Canberra and building ministers meet in Melbourne. Stay up to date with all the latest government developments affecting the property industry here each week.Traditionally a quiet time in federal politics, this winter recess has been anything but. The turbulence of the last few weeks now appears to be nearing an end however, following the resignation at the weekend of federal parliamentary Speaker Bronwyn Bishop. The media furore over the entitlements saga is dying down as parliament prepares to resume next week. A meeting of the federal Liberal and National parties’ caucus on Monday will decide who occupies the hot seat next. The Prime Minister has also announced a wide-ranging review of parliamentary entitlements. Meanwhile Treasurer Joe Hockey is holding firm on any potential changes to negative gearing telling media over the weekend there was “no merit” in altering the existing regime. “Negative gearing is a way for people on medium incomes to get into the property market”, Hockey said. The Prime Minister has previously ruled out any changes, but the Labor Opposition is considering changes to its policy on negative gearing. In welcome news for residential developers, nbn has announced it expects to double its workforce as part of a $40-million recruitment and training drive. The changes should see faster, cheaper and more efficient connections. Last Friday, building ministers met in Melbourne primarily to discuss concerns about non-conforming building products. In response, ministers established a working group to investigate due to report back six months from now. Finally Property Council Chief Executive Ken Morrison polished up on his interviewing techniques as he grilled the always colourful and often controversial Member for Fairfax, Clive Palmer MP in Sydney last Thursday. Palmer regaled the 300 plus audience at a Future Directions event with life lessons, business tips and political yarns. Palmer even disclosed an early foray into the property industry when he not only sold a couple their first home, but also provided sound marriage advice.