The extension of stimulus packages and scrapping stamp duty were among nine key areas of support identified by real estate agents across the country as the industry grapples with the challenges that have arisen during the pandemic.
The suggestions were the result of a survey of Real Estate Institute of Australia members about measures that will assist the sector to keep people employed and contribute to the economy as it recovers from the impact of COVID-19.
REIA President Adrian Kelly said the survey was requested by the Treasury’s Coronavirus Business Liaison Unit and the results identified nine specific matters for the Government’s consideration.
The nine matters for consideration are:
- 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, 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 located in regional areas
- Review the lower limit for HomeBuilder eligibility
“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,” Mr Kelly said.
“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, Government would consider a stimulus to the sector to boost expected low levels of unemployment and address growth in the Australian economy.”