Govt inject $10 billion
The Federal Government’s $10 billion stimulatory package has been welcomed by the Australian property sector, particularly the effective doubling of the First Home Owners Grant scheme.
The package, announced today by the Prime Minister, Kevin Rudd, and the Federal Treasurer, Wayne Swan, will see the Government direct $1.5 billion towards first home owners at the same time as increasing pensions and accelerating investment and nation-building projects.
The pension package is worth $4.8 billion and will be paid to pensioners, carers and seniors. Those on the single pension will get a lump sum bonus of $1,400 and pensioner couples will get $2,100. Carers will get $1,000 for each eligible person they care for.
The First Home Owners Grant scheme was last increased by the former Howard Government in 2001 when it was also doubled and, according to the Housing Industry Association, resulted in a 3,000 homes a month increase in building activity.
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