In today’s Budget Reply the NSW Opposition Leader outlined practical housing policies that would make a real difference to tackling in NSW the Australia-wide housing crisis.
Opposition Leader Mark Speakman said the Minns Labor Government’s projected $14 billion tax revenue windfall should have been used to deal with the housing crisis in a meaningful way.
“Chris Minns’ Budget has had $14 billion tax revenue windfall, but he’s chosen to put these funds towards union wage deals that he’d promised would cost nothing, missing a golden opportunity to help deliver the housing that NSW needs,” Mr Speakman said.
“We wouldn’t have squandered this opportunity – we would have delivered policies with vision for a better future for this state. That’s why my Budget Reply has outlined policies to tackle supply, improve housing affordability and reduce rental stress.”
“First home buyers deserve choice and that’s exactly what the Liberals and Nationals would have provided. We would have kept and sought to expand the First Home Buyer Choice scheme and kept the Government’s reduced threshold and rates of stamp duty - providing our next generation with choice in how they enter the housing market and giving them the best possible chance of realising the Australian dream.”
“The Minns Government has told communities to ’get out of the way’, while we would have sought to engage with local councils and communities to review housing targets and establish a Community Benefit Fund of $2 billion or more to incentivise and reward local communities which achieve their targets.”
“We also believe in supporting opportunities for one generation to help another – and would have sought to help empty nesters downsize and to free up appropriate housing supply for younger families, with a stamp-duty exemption for older downsizers,” Mr Speakman said.
Shadow Minister for Planning and Housing, Scott Farlow, said the Budget failed to deliver measures to support increased supply and address affordability.
“Under the National Housing Accord the NSW Government has signed up to deliver 314,000 homes and the Premier has recently committed to an increased target of 378,000 homes to be delivered by 2029,” Mr Farlow said.
“Local communities and councils are going to be essential to achieving those targets and they should see the benefit. The Commonwealth Government has put $3 billion on the table and that needs to be directed to local communities.”
“Our Community Benefit Fund would be available to local councils that met their targets, to fund the improvement of public open spaces through new and improved walking and cycle paths, parks, trails, boardwalks, lookouts, foreshores, riverbanks, play spaces, civic plazas, and outdoor event spaces. The fund could also be used to upgrade local sporting facilities and community recreational facilities.”
“There are nearly a million people in NSW over the age of 55 who are occupying a home of three bedrooms or more either alone or as empty nesters.”
“By introducing a stamp duty exemption for older buyers, with appropriate thresholds, we have an opportunity to encourage seniors to downsize to a smaller property and help them in finding more suitable accommodation.”
“This could be a measure to stimulate additional supply instantly, reducing housing affordability pressures by making more suitable homes available to meet the needs of younger families.”
“The Government’s Budget was supposed to deliver more housing, but instead it delivered higher taxes and the mirage of more housing by 2040,” Mr Farlow said.
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