• Morrison Government election victory a win for housing market

    New

    Morrison Government election victory a win for housing market

    REIWA congratulates Scott Morrison and the Liberal National Party (LNP) on being re-elected to Government in the 2019 federal election.  

    REIWA President Damian Collins said the LNP’s victory meant there would be no change to national property taxes, like negative gearing and capital gains tax, which was a big win for the Australian housing market and would go a long way towards helping the WA market recover.

    “We are delighted there will be no changes to national property taxes. Meddling with one component of a broader tax system is reckless and would have had significant consequences for the Australian housing market.

    “This outcome will provide much needed stability for the WA property market. We are looking forward to working with our local federal members of parliament and senators on ensuring good housing and investment outcomes for all West Australians,” Mr Collins said.

    Last weekend, the Prime Minister announced his party’s plans to make the Australian property market more accessible to first home buyers by offering loan guarantees so eligible buyers could purchase their first home with a five per cent deposit.

    “The Morrison Government should be applauded for this initiative. This is a great example of smart, effective bi-partisan housing policy that will help some first home buyers without negatively affecting other groups. We hope to see the scheme expanded in the future,” Mr Collins said.

    In the lead up to the election, REIWA’s ‘What about WA?’ campaign called on federal political parties to not forget about Western Australia when making policy commitments.

    “For too long we’ve seen WA overly relied upon when times are good and ignored when we are doing it tough. It’s time we got our fair share of federal funding and support. In particular, we’d like to see the Morrison Government introduce federal incentives to help states and territories phase out stamp duty,” Mr Collins said.

    Last month, REIWA had the opportunity to quiz the Prime Minister at an election campaign event about his party’s plans to help the WA property market. His response was that WA had already been given a greater share of Australia’s GST revenue and these additional funds should be used to look into how to abolish stamp duty and reinvigorate our local market.

    “The WA property market is crying out for some definitive leadership to help aid recovery and improve our local economy. Regardless of whether the responsibility for this change comes at a state or federal level, we need action now,” Mr Collins said.

    “In addition, REIWA would like to see Perth put back on the Regional Migration Scheme to help attract skilled workers to WA and fill the current oversupply of housing, and we want a minimum 15 per cent infrastructure budget implemented, based on WA’s substantial contribution to Australia’s GSP. We also need the new Minister for Cities to have a Perth City Deal as a top priority.”

    “REIWA will continue to champion the issues affecting WA to ensure our state is not forgotten about when national policies are implemented.” 

    For more information about REIWA's advocacy efforts, visit our advocacy page.