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Budget 22/23","news_media":false,"news_content":"The 2022-2023 Federal Budget was handed down last night by Treasurer Josh Frydenberg and addressed several target areas which will have an impact on the property sector, including:
\n\n- First Home Buyers Scheme
\n- Infrastructure Funding
\n- Welcoming back skilled migrants
\n- Cost of living
\n
\nFirst Home Buyers
\nThe First Home Buyer Scheme has been expanded to 50,000 places per year and will allow first home buyers to require only a 5% deposit with no Lenders Mortgage Insurance (LMI) to purchase a property, with the government to provide a guarantee for the remaining 15% of the purchase price.
\nAdditionally, the First Home Super Saver Scheme will allow first home buyers to save for a deposit inside their superannuation to provide them with a tax cut. This amount has been increased from $30,000 to $50,000.
\nHub Comment: With rising property prices, most young people are already priced out of the market. While price caps have been placed on eligible properties, this in turn just puts further demand on properties that fall within the eligibility of this scheme. Experts have warned that this will not assist with the issue of housing affordability.
\nInfrastructure Funding
\nThe Government will allocate $120 Billion in funding for a variety of infrastructure projects across Australia, with $3.5 billion allocated towards Victorian infrastructure projects.
\nHub Comment: The Construction sector is currently hindered due to supply chain issues, vast rises in the cost of materials, delays caused due to the Covid-19 pandemic and a shortage of labour. It is hoped, that this scheme will support job growth which in turn may provide sort after relief following the recent fallout of several high-profile construction companies.
\nUpskilling workers and return of skilled migrants
\nThe Government will invest an additional $2.8 billion in Australian Apprentices to assist with upskilling workers and ultimately land them better and more high paying jobs.
\nThe borders reopened in November 2021 and this has already enabled over one million students, tourists and skilled migrants to enter the Country which will assist with labour shortfalls.
\nHub Comment: Borders closed during the pandemic which in turn halted migration and underlined workforce shortages within Australia’s labour market. By upskilling labourers and welcoming more migrants, workforce shortfall challenges will hopefully be alleviated which in turn will have positive impacts on construction timing delays.
\nCost of living
\nThe pandemic, natural disasters and the war in Ukraine are causing the costs of goods to increase and are in turn increasing the already existing pressure on the cost of living.
\nHub Comment: A focus on a range of key milestones to deal with rising prices should assist with the rising cost of living. The Government has confirmed they will put more focus on delivering more jobs, providing further tax offsets, reducing fuel prices and assisting aspiring homebuyers in purchasing their first property.
\nIn addition to the above, the Treasury expected the underlying cash balance to improve by $103.6 billion over the next 5 years. It is estimated this deficit will halve to 1.6% of GDP by 2025-26 before falling again. It should be noted, that the Australian economy has shown extreme resilience over the last year considering the effects of the pandemic, extreme political turmoil and natural disasters.
\nHub will continue to keep a keen eye on the property market to provide updates that assist our clients with understanding the factors that can affect their development investments.
\nThe full 2022/2023 Federal Budget can be found here:
\nhttps://budget.gov.au/2022-23/content/documents.htm
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