Shadow Minister for Housing Greg Aplin said the Iemma Labor Government must immediately adopt the Liberal/Nationals' housing and homebuyer rescue package after figures released today show new home construction at record lows.
According to the Australian Bureau of Statistics, there were 3,662 new home commencements in the March 2006 quarter – the lowest since ABS records began in 1980 and 10% worse than the previous low of 4,078 in March 2001.
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"The NSW housing sector is at crisis point as investment and jobs flee to other states with more competitive environments. Morris Iemma is presiding over the death of the great Australian dream," Mr Aplin said.
"Renters are facing record low vacancy rates, increasing rents and limited choice. Potential homebuyers are facing a rental spiral, finding it difficult to save for a deposit.
"This new home building drop is due to the Iemma Labor Government's poor land release policy and high taxes.
"Our rescue package will help first-time homebuyers enter the market, encourage greater availability of new rental low-cost properties and support the next generation of skilled workers for NSW.
"The extension of the First Home Owners Grant from $7,000 to $10,000 would provide a much needed boost to young people seeking to purchase a new home.
"This measure will help young families bridge the deposit gap and achieve the great Australian dream of owning a home.
"The $4,000 stamp duty concession for investors buying new homes for low cost rental accommodation would run for two years from 2007/08.
"The investor concession will apply on new properties up to $500,000. This will boost investment in rental accommodation stock at the more affordable end.
"The benefit of this initiative is two-fold – it will attract jobs and investment back to NSW, and it will increase the availability of low-cost rental accommodation easing the pressure on rents for struggling families.
"The exemption for employers from paying the cost of WorkCover premiums for apprentices over a four year period would help ease the skills crisis the Labor Government has created," Mr Aplin said.
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