Federal Budget’s Effect on Housing 12:20pm 16.05.08

The Sydney Chamber of Commerce is supporting the latest Federal Budget, which it feels appropriately addresses inflation and housing supply, among other challenges.

“Sydneysiders have been hit particularly hard by successive interest rate increases—that’s why the government is right to rein spending,” says Patricia Forsythe, executive director of the Sydney Chamber of Commerce.

“The $500 million Housing Affordability Fund will help address housing supply by cutting red tape and the costs associated with housing relate infrastructure,” explains Forsythe. “The Federal Government’s promise to identify surplus Commonwealth land that could be used for new housing is a practical measure to tackle the massive shortfall in housing supply.

“Budget initiatives aimed at speeding up development assessment procedures will help boost housing supply—but more needs to be done in terms of state taxes and regulations to make a significant impact.”