Labor Promises $10B for Social Housing in Budget Reply
Australian Opposition leader Anthony Albanese has promised a $10 billion (US$7.7 billion) housing fund to build 30,000 social and affordable housing as part of Labor’s response to the 2021 Budget.
In his Budget reply speech, Albanese said the Labor Party was committed to lifting wages, fixing age care, addressing the housing crisis, championing equality for women, and more.
“What a missed opportunity if our economy comes out the other side with nothing to show for this transformational moment but the biggest debt and deficit of all time,” Albanese said.
He attacked the Tuesday budget for merely showing “the sorry tale of 8 years of Liberal neglect” and presenting a trillion-dollar debt plan.
Population Growth Is ‘Biggest Constraint’ to Economic Recovery: Property Industry
Australia’s stagnant population growth is the biggest bottleneck on long-term economic recovery, the property industry says.
“The Government has overseen a remarkable economic rebound, but the budget papers reveal that population growth will quickly become an anchor for our economy,” Property Council of Australia chief executive Ken Morrison said.
Population growth is at around 0.1 percent currently in Australia. However, the net overseas migration is estimated to see Australia lose 97,000 people by the end of 2020-21. It is the greatest net loss in overseas migration since 1916. Travellers walk towards the departures gate at the International Airport in Sydney, Australia on March 25, 2020. (Mark Metcalfe/Getty Images)
More than $53 billion in new spending was unveiled in the 2021-22 Budget to get Australia out of its coronavirus-induced slump, but the PM worries it will all be for nothing if states close.
Industry Bodies Welcome Home Ownership Initiatives in 2021 Budget
The Australian housing and mortgage sectors are commending the federal governments new and expanded measures announced in the Federal Budget on Tuesday to help more Australians become homeowners and, in turn, drive economic recovery.
Property Council of Australia (PCA) chief executive Ken Morrison said in a statement that the PCA commended the federal government for the strong management of Australia’s “remarkable recovery” and welcomed the newly introduced measures.
“The Government has overseen a remarkable economic rebound,” Morrison said. “These new initiatives build off a year of support and stimulus measures which have enabled the property industry to lead Australia’s recovery from the global pandemic.”