The 2022/23 federal budget backed owner-occupiers and first-home buyers, expanding the Home Guarantee Scheme by 50,000 places for deposits from 5 per cent, but did little for rental investors. UDIA national president Max Shifman called it a missed opportunity to fix planning and fund infrastructure on developable land.
As I told the Australian Financial Review: “There is a real need for more rental accommodation, particularly in the regions, where vacancy rates are virtually zero in many areas”
I also said: “We rely partly on investors to provide homes for tenants, but the supply of housing isn't keeping up with the demand at all. Supply-side support and reforms are critical.”
And I added: “So, the budget was a missed opportunity to fix the planning system to deliver more new housing and to support the provision of more infrastructure to build on developable land.”
I went on to say: “Development and construction provide 9 per cent of GDP and 11 per cent of full-time jobs”
I also made the point: “Many of the affordability issues with housing come from a lack of development-ready land.”
Australian Financial Review, 20 April 2022 — Read the full article