The Property Council of Australia has welcomed plans to establish the Building Australia Fund, announced in the 2008-09 Federal Budget.
“The Government’s $20 billion investment in critical infrastructure confirms its commitment to nation building,” said Property Council WA division Executive Director, Joe Lenzo.
“The Rudd Government’s first budget has delivered the funds to help tackle Australia’s infrastructure deficits, particularly in Western Australia.
“The Property Council has long championed a need for greater Federal Government involvement in the delivery of infrastructure to deliver economically, socially and environmentally sustainable communities.
“We are looking forward to discussing the roll-out of the infrastructure initiatives in WA, with State and Federal agencies”, said Mr Lenzo.
The Property Council identified a range of positive initiatives in Budget, including:
- a massive boost to infrastructure spending;
- the announcement to progressively reduce withholding tax for Australia’s Real Estate Investment Trusts (A-REITs) over three years;
- a $90m Green Building Fund to subsidise 50% of the cost of retrofitting and retro commissioning office buildings (a maximum of $200,000 per building). Priority will be given to large buildings (over 5000m2);
- a raft of new housing affordability support initiatives;
- confirmation of personal income tax cuts promised in the election campaign; and
- confirmation of a wide-ranging tax review.
Joe Lenzo, Executive Director, (08) 9426 1200 or 0419 044 768
Lino Iacomella, Manager Policy & Communications, (08) 9426 1204 or 0417 501 974