The Australian Forest Products Association (AFPA) has given its support to the Housing Industry Association’s (HIA) ³Ô¹ÏÍøÕ¾ Building Recovery Plan released today which calls for a comprehensive stimulus package from all levels of government to encourage new housing construction.
The ³Ô¹ÏÍøÕ¾ Building Recovery Plan comes within days of the HIA’s latest forecast that over the next year new home building will fall by 50 per cent and put half a million jobs at risk. The plan’s centrepiece is a call for a targeted new home buyer incentive of up to $50,000, which will provide an estimated extra 20,000 building commencements.
AFPA CEO Ross Hampton said, “The Federal Government’s quick action on CoVid-19 has effectively saved the lives of thousands of Australians. But now we need to get the economy going again, and new construction is the way to do that. Revitalising new housing construction in the wake of CoVid-19 is a complex problem that needs a significant and coordinated policy response by all levels of government.”
“Significant investment and stimulus measures are required to kick-start renewed confidence and demand, like HIA’s proposed New ³Ô¹ÏÍøÕ¾ Buyer incentive of up to $50,000, and an additional 10,000 allocations under the First ³Ô¹ÏÍøÕ¾ Loan Deposit Scheme, both targeted at new home building only. Additional key proposals include the introduction of new ‘³Ô¹ÏÍøÕ¾Keeper’ insurance and incentive schemes, and for State and Territory governments to provide stamp duty concessions for new home builds, to deliver new social and affordable homes, and implement single step approval processes.”
“A stimulus package will help all of Australia recover and we commend the HIA for adding its voice to the call for one. The housing construction sector is the engine room for growth and jobs in Australia’s economy, and that includes the timber industry. It’s time now for bold plans and proposals and this one is well worth supporting,” Mr Hampton concluded.
