No love from Fed­eral Bud­get for prop­erty, again

Port Douglas & Mossman Gazette - - FRONT PAGE -

THE prop­erty sec­tor has once again missed out on Bud­get love with lit­tle di­rect re­lief for home buy­ers, sell­ers and in­vestors. The Bud­get’s hous­ing cen­tre­piece is a $112 mil­lion trial pro­gram to as­sist the el­derly to down­size their homes with­out af­fect­ing pen­sions, via a means test ex­emp­tion of up to $200,000 for 10 years. It is de­signed to re­move the dis­in­cen­tive for se­niors to re­lo­cate to more age-ap­pro­pri­ate hous­ing, how­ever, the pro­gram’s re­quire­ments that home­own­ers must have owned their fam­ily prop­erty for at least 25 years ex­cludes many from re­ceiv­ing the ben­e­fit. A $100 mil­lion in­vest­ment in nat­u­ral disas­ter mit­i­ga­tion aimed at low­er­ing in­sur­ance pre­mi­ums, and the Govern­ment’s on­go­ing fi­nan­cial com­mit­ments to ad­dress home- less­ness were also part of the Bud­get wash-up. Trea­surer Wayne Swan blamed the fad­ing min­ing boom cou­pled with a buoy­ant Aussie dol­lar for ditch­ing his prom­ise to de­liver a sur­plus, in­stead hand­ing down $19.4 bil­lion deficit.

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