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REIA creates pre-Budget submission

A pre-Budget submission focusing on increasing the affordability of property in Australia has been created by the Real Estate Institute of Australia.

The Real Estate Institute of Australia (REIA) has put forward a pre-Budget submission that focuses on addressing the issue of the affordability of property in Australia.

One thing that the REIA's submission calls on the government to do is retain current arrangements for the negative gearing of property investments.

It also wants the Budget to ensure that family homes are not subjected to the Capital Gains Tax (CGT).

The government should also ensure that the CGT on property investment does not increase, the submission states.

Other proposals are for the government to remove stamp duty on property transactions and review the First Home Owners Grant (FHOG).

"An increase of the FHOG is crucial to improving affordability in the housing market and encouraging the return of first homebuyers to the market," a statement from the REIA reads.

Last month, David Airey, president of the REIA, suggested that the government needs to engage with industry bodies to look for the solutions required to stimulate housing activity.

Posted by Ravin Chatlani

- REIA, budget, gearing, tax

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