New proposals could mean that buyers of newly built homes will be handed $50,000 by the federal government, with stamp duty also potentially axed in an attempt to create jobs and kickstart some much needed growth into fledgling industries.
Plans by the Property Council of Australia aim to boost the construction industry and housing market which have seen a significant downturn in employment since the pandemic hit.
A “Welcome to Australia” immigration campaign and a widening of GST are also amongst plans being discussed as the country’s economy aims to recover from it’s biggest dip since the 1990 recession.
It is thought that 900,000 Australians are employed in the construction sector, with further hardship potentially having catastrophic knock on consequences on Australia’s housing industry.
100,000 construction jobs have already been lost and it is feared up to 400,000 more could be gone by the end of the year.
The ‘New Home Boost’ would see buyers of newly built homes receive a $50,000 incentive by the federal government.
It comes as new home sales have plummeted by 23% since lockdown laws were applied with almost a third of current projects cancelled outright.