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The Real Estate Institute of Australia has crystallised nine specific areas where agents have called for government support for the real estate industry, in the wake of the COVID-19 crisis.
The survey, conducted through surveys across each of the REIA’s member real estate institutes, considered approaches that could assist the real estate sector to achieve a government objective “of keeping as many Australians as possible employed” as well as how the sector could contribute to the economy.
President Adrian Kelly revealed that the compiled responses, received from all corners of Australia, were able to identify nine specific matters for government consideration.
He said the use of a survey was able to reflect both regional perspectives as well as a national aggregate.
“The focus of the measures on Australia’s property industry recognises that it has been a main driver of economic growth and increased employment in the transition away from a reliance on mining,” he outlined.
Here are the nine recommendations, as compiled and put forward to the government by the governing body:
- Extension of JobKeeper for some sectors including real estate agents
- Extension of JobSeeker for some sectors
- Abolish or at least a temporary cessation of stamp duties on residential property
- Abolish or at least a temporary cessation of payroll tax
- Abolition of or at least temporary concessions on land tax
- Assistance for renters in vulnerable industry sectors
- First home buyer assistance
- Support for regional areas through infrastructure investment and support for businesses relocating to regional areas
- Review the lower limit for HomeBuilder eligibility
According to the president, “a healthy property sector has been a crucial support to economic growth over the previous three years”.
“It stands to reason then that in these unprecedented times, the government would consider a stimulus to the sector to boost expected low levels of unemployment and address growth in the Australian economy,” he concluded.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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