The NSW State Government has announced that, as part of the upcoming 2022 State Budget, they will give first home buyers the choice of either paying stamp duty on their newly purchased property or paying an ongoing ‘annual property tax payment of $400 plus 0.3 per cent of the land value of the property. It will be available on homes valued at less than $1.5 million.’ The intention is to reduce upfront costs and thereby make housing more affordable for first home buyers.
In late 2018 the Scottish Government announced funding of £50 million to the Ending Homelessness Together action plan, which is to run for five years from 2018–19.
Against the backdrop of the first back-to-back rise in interest rates for 12 years, and further rate rises forecast for the remainder of 2022, this AHURI Brief explains the role of Reserve Bank of Australia (RBA) – the independent central bank with responsibility monetary policy in Australia.
With government policies and election promises seeking to promote downsizing amongst older Australians, it is important to understand just what it entails. Downsizing is the process by which a household moves from one dwelling to another that may be either smaller in size or of lower value, or both. The concept of downsizing is usually applied to older Australians when they move prior to or during their retirement.
Commonwealth and state/territory support for home buyers takes a number of different forms; however, government support has long term public benefits when it focusses on increasing the number of dwellings in the community.