Treasurer Scott Morrison’s appeal to voters with his first federal budget announced overnight (Tuesday) was also given a boost yesterday with the Reserve Bank of Australia cutting interest rates by 0.25 percentage points to a new historical low.
With a backdrop of an uncertain global economic environment, the transitioning Chinese economy, possibility of renewed volatility in financial markets and concerns about potential lower growth over time in many economies, the budget has been generally well received by Australia’s property industry.
Key Budget Measures
- Government announcing its intention to leave the negative gearing and capital gains tax regimes unchanged and also no change to the GST rate
- Provision of $4.6million in the next financial year to continue and expand the Cities Taskforce within the Department of the Prime Minister and Cabinet
- Inclusion of more than $33 billion over the forward estimates in infrastructure funding for a raft of key infrastructure projects
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