New Daily.
✅Things I like: • Rethink/reduce #zoning windfall #taxes • Create a uniform national #infrastructure levy on new #housing that equals half the cost of the infrastructure • Consider a temporary GST holiday for #affordable housing construction • Remove stamp duty surcharges on foreign #investors in housing • Remove stamp duty for #downsizers buying their last home • Increase depreciation allowance for #residential buildings • Reconsider changes to the National Construction Code • Make it easier for migrant tradespeople to work here • Remove 3 per cent Covid buffer for bank loans (APRA) • Create Aussie “Fannie Mae” for 30-year fixed-rate mortgages • Publish immigration data with housing approvals • Allow Housing Australia to issue government-backed bonds to boost the Housing Australia Future Fund • Give NHSAC a budget for staff to study and report on housing demand/supply • Create a uniform national tenancy code that includes 10-year leases.
🤷🏻♂️Things I'm not sure about or need refinement: • Reduce capital gains discount to 25 per cent – should include indexation or incentivise longer-term holds.
• Allow negative gearing on new dwellings only – this might increase new dwellings supply by investors, but would limit market for capital growth on resale and reduce investment desirability/need higher rents. Studies on negative gearing indicate a 1-4% different to end prices, which may not be worth reduction in new rental supply.
🚫Things I'm against: • Impose uniform national levy on short-term rentals • Impose uniform national tax on #developers sitting on approved projects
The last one is a doozy. I understand the desire to "encourage" developers to deliver approved projects, but no business should be forced into investing into things which are not feasible, or on which they would lose capital. Which other business sector would accept those conditions?
Such measures would discourage making planning applications, reducing reduced future supply and prevent the sector from responding quickly as market sentiment and capacity improve.
🤔What's Missing?: • Substantive #planning system reform/acceleration • Faster land release (w/ critial review of developable land supply) • Increased enabling infrastructure investment • More affordable housing incentives • Return off-the-plan stamp duty concessions
Good list overall. A-