No great surprise that the Federal Government budget offered very little. RP Data published an interesting article in relation to this and an excerpt is below
“The Federal Budget was supposed to be the most important economic report released this week however, from a property market perspective it delivered very little. The only points of note affecting the housing market were: the skilled migration target has been revised upwards to 185,000 (from 168,700 the year before) and mostly focused on regional areas where workers are desperately required, $6 billion allocated to a regional infrastructure fund – most of this will be directed towards projects in Queensland and Western Australia to support the resources sector, and the ‘Housing and Community Amenities’ provision in the budget has been cut by $1.1b reflecting the conclusion of the housing initiatives introduced as part of the Government’s response to the global financial crisis. Perhaps most notable is that there was no mention of changes to tax implications for property investors, specifically negative gearing and there was no plan to address housing affordability.” RP DATA MAY 2011
Email me at email@example.com if would like a copy of this report.