The Real Estate Institute of Australia (REIA) has had many of its priorities addressed in the 2021 Federal Budget confirming a positive outlook for buyers, sellers, investors and tenants and small business as we pass another pandemic economic milestone.
The Real Estate Institute of Australia (REIA) has had many of its priorities addressed in the 2021 Federal Budget confirming a positive outlook for buyers, sellers, investors and tenants and small business as we pass another pandemic economic milestone.
REIA President, Adrian Kelly said that measures for people, property and small business including expansion of the First Home Super Saver and the First Home Loan Deposit were welcomed.
“REIA welcomes the Budget 2021 which is aimed at helping women and first home buyers and continues to provide taxation benefits for the small business sector.”
“Employment growth and jobs creation enabled by personal income and business tax deductions, infrastructure spending and investment in childcare paint an optimistic future with unemployment falling to 5% in 2021-2022 and under 5% by 2022-2023.”
“As part of this, the extension of full expensing and loss carry back provisions is welcome by agencies for small business as is the expansion of the Boosting Apprenticeships Program which many agencies have utilised,” he said.
Mr Kelly said that while the Budget contains measures to assist first home buyers, REIA had hoped that interest rates for first home buyers would be tax deductible and that the deregulation agenda would be clearer.
“We will continue to advocate for first home buyers to have the ability to claim interest payments as a tax deduction which will be crucial in years to come when interest rates start to rise,” he said.
Mr Kelly said we also hope that the Deregulation Agenda – funded to the tune of $134million – will reduce compliance outcomes by holding regulators accountable and deliver back to small businesses like agencies.
According to Mr Kelly, the Budget 2021 Housing Package is commendable with First Home Loan Deposit Scheme being a good outcome with the scheme allowing for a new 10,000 places for homes built since January 2020.
“Overall Budget 2021 is a strong budget should jobs creation promises become a reality; where we expect property to continue to be a driver of economic activity throughout the pandemic for the near future on the back of incentives announced and the backlog of HomeBuilder commitments.”
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