Following is an excerpt from last night’s budget:
A proposed $375.3 million in funding for the new National Housing and Homelessness Agreement (NHHA) will help to provide more affordable housing for the most vulnerable. This funding, which will be matched by State and Territory Governments, will support homelessness support services.
First time buyers will be able to make voluntary contributions to their superannuation up to $30,000 to pay for a deposit on a first house or apartment. Similar to a salary-sacrificing program, this will assist with first home owners gaining access to the housing market faster.
A tax benefit for retirees who are downsizing their homes will allow them to transfer up to $300,000 (per person) into a superannuation fund. This is aimed to encourage retirees who are currently living in larger homes to free up housing stock for young families who are entering the property market.
SUPPLY: Aimed to address the low housing supply in Australia, the Government will divest 127 hectares of surplus Defence land less than 10 kilometres from the Melbourne CBD. This land is large enough to develop up to 6,000 new homes.
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