The peak body representing Australia’s finance brokers believes the federal budget will help the property market through increased consumer confidence, while also acknowledging it did not address housing affordability directly.
“What helps the housing market, associated industries and the economy overall, is confidence around interest rates and superannuation and a little extra money in people’s pockets,” said Finance Brokers Association of Australia (FBAA) executive director Peter White.
He pointed to removing some of the tiering tax brackets in coming years, tax cuts, superannuation changes and infrastructure spending as positive measures.
“Any budget that provides hope in both the economy and the nation’s direction, and doesn’t create fear, can only be positive for our industry, because people are willing to spend and invest.
“When people are buying property, the entire economy from large to small business, benefits.”
Mr White also said the tightening of phoenixing laws and crackdown on cash economies are also good measures.
“It’s clearly an election budget, but also one that will likely make people feel secure.”