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HIA: First home bonus crucial to Victorian economy

Scrapping the first home bonus would have a damaging effect on the rest of the economy, the HIA has claimed.

The bonus for people buying their first Australian homes in Victoria has positive effects on the overall economy and has helped the state become one of Australia's strongest residential markets, according to the Housing Industry Association (HIA).

 

 

With this in mind, HIA Victoria executive director Gil King urged the groups lobbying for an end to the scheme to reassess its role, which has many flow-on effects.

 

 

"Removing such a strong support measure would be a disaster - there could not be a worse time to consider removing or reducing the bonus," explained Mr King.

 

 

He argued that it should be seen as an investment in the state's future which will offer potential boosts to the economy over the coming years, rather than as a drain on the regional government's coffers.

 

 

The HIA recently argued that there is a necessity for a long-term strategy on housing across the country, pointing to a 12.8 per cent year-on-year fall in the number of new houses being built.

 

 

Posted by Craig Francis

- property, HIA, grant, bonus, first, economy

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