The Budget and housing
Like the dreamboat you met at the party last night, sometimes budgets can look a bit cracked in the cold light of day.
But two days after the Treasurer rose to the dispatch box, the key budget measures for our industry are still looking pretty good.
The housing affordability package is substantial and largely focuses on the right things (with the notable exception of a round of 'blame the foreigner' measures). The intent on infrastructure is there, if not all the money we would like. And there are good reasons to be more confident about macroeconomic conditions.
A lot of detail will still need to be thrashed out, but the industry is well placed to assist.
The Property Council has been quietly collating state by state planning targets that could be used to underpin the Government's focus on incentivising housing supply. We're collaborating with governments and others on new city deal areas, with SEQ being the most advanced. And we have commissioned research into the support needed to attract institutional investment into affordable rental accommodation.
The Property Council's comprehensive budget night member brief covers the housing package in detail, as well as the various infrastructure, tax and regulatory announcements.
Tonight Opposition Leader Bill Shorten will deliver his budget reply. While political reporting is always focussed on the things that divide the two parties, the good news is that most of the new housing supply measures as well as the City Deal framework is supported by the Opposition. So this is one area of national life where there appears to be a bipartisan consensus.
Away from politics, a big congratulations to Dexus, Cbus Property and everyone involved in 5 Martin Place for taking out the Development of the Year Award on Friday night. It was great to see over 1000 people celebrate a worthy winner and our thanks to Rider Levett Bucknall for all their support.