SYDNEY, March 5 — Australian Treasurer Scott Morrison will unveil measures to boost economic growth and address the problem of expensive housing when he hands down the budget on May 9, he said today.
“We’re working on a package for the budget … and it will deal with the challenges of housing affordability from those who are reliant on social housing, all the way to those who are trying to break into the home-ownership market,” Morrison said on Sky News of his second budget.
Deflecting questions on tax reform, he said the National Housing Affordability Agreement with the states could face a major overhaul.
“We’re handing over A$1.3 billion (RM4.4 billion) every year and the number of people on public housing lists has gone up, the number of social housing dwellings has gone down … we’ve basically shelled out billions for a programme that isn’t doing anything,” he said.
“It’s basically a one-way cash ATM to the states which asks for nothing in return, he said.
Morrison said the government’s concerns around housing were not restricted to new home buyers struggling to get into booming urban property markets.
“I’m as much concerned about someone who’s on a low income struggling with their rent as I am with someone who I know wants to get into the home-ownership market,” he said, while insisting that the broader solution lies with boosting economic growth.
“It is growth that actually not only improves the budget, but it is growth that is going to lift wages, it is growth that is going to lift business expansion, it is growth that will continue to drive the improvement in living standards,” he said. — Reuters
Source: The Malay Mail Online