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Building Works Package welcome, but more needed

Building Works Package welcome, but more needed

We were very pleased to see the launch of the Victorian Government Building Works package yesterday.

The package will provide much needed stimulus and an increase in confidence for the middle market property industry across the State, at a time when the impacts of COVID-19 are hitting hard.

The package appears well targeted with many sectors of the property and construction industry sharing in the new economic activity being created. We are also pleased that this announcement has been described as the ‘first part’ of the Package.

We are hopeful that future announcements will go further and pick up on a number of initiatives that we have been advocating:

  • Stamp duty concessions for purchasers of new housing
  • Reintroduction of off the plan stamp duty concessions for all classes of purchasers
  • Infill medium density and urban housing renewal projects that could be supported by a State Government affordable housing commitment
  • Expansion of first home buyer initiatives

Other initiatives that we believe warrant urgent consideration include:

  • Strategies to ensure that foreign students are able to return to Victoria as soon as semester two this year
  • Revisiting the post Global Financial Crisis (GFC) Significant Investment Visa strategy

A strong start. We look forward to further announcements.

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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