“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt.”
Budget hawk that Cicero.
Here, now, he would be all talons too about gross state debt.
As Saul Eslake pointed out in the AFR on 30 April,
“Including their GBEs…the combined net debt of the state and territory governments is projected to reach $704 billion by 30th June 2028, which is only $10 billion less than projected for Federal Government net debt by that date. At the end of the 2018-19 financial year, total state and territory net debt stood at $151 billion, less than 40% of the Federal Government’s $396 billion.”
And yet this week we are here to find the positives in state budgets, not to bury them (though Eslake’s idea about the reboot of a controlling federal Loan Council may yet become necessary.)
Starting with Queensland, yesterday QLD Executive Director Jess Caire, we focussed on investment friendly signals,
“The commitment to review Queensland’s ex-gratia relief guidelines is an essential step in unlocking growth. As it stands, they are not fit for purpose, offer little certainty up front and are counterintuitive to the government’s housing and investment targets. The decision to undertake this review in partnership with industry recognises the pivotal role we play in shaping reforms that reflect the realities of project delivery and investment
Decisions…
“It is encouraging to see that, unlike in previous budgets, the property industry has not been burdened by new taxes or increases, and we applaud the Treasurer and government for this.”
Read her views in depth here.
Further south, NSW Executive Director Katie Stevenson also found key elements of our investment and planning platform supported, more details here.
“This is a Budget that listens. From unlocking finance to fast-tracking approvals, we’re seeing tangible measures that will help bring forward the homes, infrastructure and jobs NSW needs…”
“Key priorities we’ve championed – including a state-backed finance guarantee, planning reform, investment in regional infrastructure and support for the construction workforce – have all been backed in by this Budget.”
Meanwhile in the ACT Executive Director Ashlee Berry focussed on tax and the housing task at hand, with full details here.
“We need to stand up the new Directorates and put delivery systems in place – and we would again urge the Government to consider a dedicated ACT Housing Taskforce…
“We welcome continued funding for affordable and community housing but note the absence of reforms to the Lease Variation Charge or any new investment levers to support project viability in the private market.”
Academy EOFY last week
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Next week: a plethora of productivity.
Highlights from the National Retirement Living Summit and Awards in Brisbane last week. Engaging discussions with Anna Bligh AC and the incredible Property Council and Retirement Living Council teams made this event the best yet.