Federal Budget 2010 - Any Good?

[glen]

hey guys,



Anyone following the commentary on the Federal Budget release by Ruddo today?



[url="http://www.theage.com.au/business/federal-budget/winners-and-losers-20100511-uuky.html"]http://www.theage.com.au/business/federal-...00511-uuky.html[/url]



It has been described as a no fills budget with paying off the debt the main priority.



I was a little disappointed there aren't really any measures to help assist with housing affordability.



<img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt='' />

[iblis.raeb]

[quote name='glen' post='26729' date='May 12 2010, 10:12 AM']I was a little disappointed there aren't really any measures to help assist with housing affordability.[/quote]

Aren't there, i recall some whispers earlier in the year that there would be more funding toward community housing.



I'm not up to speed with the current budget release.

[glen]

Ah ok I will have a look and see what it says.

[glen]

Housing affordability



The Government is assisting aspiring first home buyers through concessionally taxed First Home Saver Accounts. These accounts are being made more flexible by allowing money from the accounts to be paid to an approved mortgage at the end of the minimum qualifying period, if a house is purchased in the interim. This will make it easier for first home savers to adjust their housing decisions to their changing economic circumstances.

This is all i found so far <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt='' />

[glen]

I found this from the Minister for Housing etc:

The budget extends the highly successful First Home Owners Boost until 31 December. The Boost will stay at current rates for the next three months and then step down.



Over the next four years the Australian Government will spend a record $15.3 billion on housing programs.



We will complete our program to build 20,000 new social housing dwellings and repair 47,000 existing homes.



Funding has been provided for the States and Territories to reduce homelessness, help private renters, public and community housing and reduce overcrowding in remote Indigenous communities.



Key commitments from last years budget will continue. Expenditure under the National Rental Affordability Scheme will increase as we move toward our target of 50,000 new affordable rental homes.



Funding will be available for future rounds of the Housing Affordability Fund to lower the cost of new homes and measures to make Australian homes more energy and water efficient.

[url="http://www.tanyaplibersek.fahcsia.gov.au/internet/tanyaplibersek.nsf/content/budget_09-10_video.htm"]http://www.tanyaplibersek.fahcsia.gov.au/i...09-10_video.htm[/url]

[iblis.raeb]

I suppose that's what i'm talking about; the whole record spending on housing programs which, includes community housing. Where couldn't you find this information, Glen ...the budget? ...as in all these initiatives are not in the current budget?



Oh, and there is that whole energy thing you mentioned recently, Glen ...how market properties will require energy efficiency reports prior to sale and lease (although, i really don't now how much, if any, of this is subsidized by our government).



Housing certainly appears to be getting a fair shake of the sauce bottle ...just not in your direction, Glen. :-)

[glen]

hahaha i looked at the budget papers but did not download all of them. the public housing stuff i mentioned above was not mentioned in the budget papers i looked at. i only found it on the housing minister website.

[POWERZONE]

Housing will never be affordable in this country for as long as there are more people than houses <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt=':laugh:' />



There's no point in giving money to the buyers - the sellers will simply take it away by upping their price because they can get away with it.



They should try the opposite angle - start by removing CGT on houses that sell for under 400K for instance.



As for the budget - it's OK - if it pays off the debt. But that all hangs on the senate passing the super profits tax which is highly unlikely.



But the one thing all these budgets overlook year after year is better treatment of old age pensioners who are still stuck on what is effectively dole money. That's your future in this so called prosperous country if you don't have a ton of money when you retire.



Pretty sad, really <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/dry.gif' class='bbc_emoticon' alt='' />

[glen]

That is a good point about them not getting their proposals through the senate.



Really they can promise whatever they like but unless they have a majority in both houses it will never happen. Not the mining tax at least. So actually their whole budget is a lie.

[iblis.raeb]

Yeah, Abbot will adamantly do everything in his power to stop the mining "super" tax.

[glen]

I thought the states already charged royalties for mining do i don't understand how there is any room for further taxation! <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt='' />