Election wrap up: what does it mean for WA?
The Western Australian Division of the Property Council of Australia congratulates the Coalition Government on its return to office.
At a State level, the Property Council is pleased to see there will be no changes to negative gearing and capital gains tax, providing much needed relief and certainty to a recovering local property market.
The Property Council supports the Coalition Government’s target of providing lower taxes to around 3.4 million small, medium and family businesses. We recognise this is well underway and will continue to be reduced to 25 per cent by 2021, providing more flexibility to a sector that contributes considerably to our State economy.
The Federal election result also means there is prospect of a real City Deal for Perth and we look forward to working alongside all levels of Government to make this become a reality.
The Coalition Government has committed to establish the First Home Loan Deposit Scheme. This policy intends to help first home buyers purchase a home faster by allowing them to access a loan offered under the Scheme by a participating financial institution.
The Scheme will give first home buyers better access to finance without having to save a 20 per cent deposit and will be able to support up to 10,000 first home buyer loans each year.
There is ambiguity around how this policy will coincide with Western Australia’s existing Keystart initiative and the Property Council will seek clarity from the Federal Government on this matter.
The re-election of the Coalition Government means their funding commitment of a $1.6 billion infrastructure package for Western Australia is reconfirmed. The infrastructure package will support the delivery of METRONET, Westport project, new roads, level crossings and upgrades to existing rail lines.
Federal support and funding for WA’s infrastructure projects is critical to their progression and success. We look forward to exploring this topic with new Infrastructure Australia CEO, Romilly Madew, Westport Chair, Tim Collins and METRONET Project Director, Anthony Kannis at our upcoming event Infrastructure Projects Shaping WA’s Future on July 9, 2019.