We also strongly support the interim budgetary package which increased the First Home Owners Grants from $7,000 to $14,000 for existing dwellings and $21,000 for new dwellings.
This measure represents an important stimulus for the market, especially housing development, at a time of record low construction.
The global financial crisis has hurt the Australian economy, which is at risk of a slump.
The Property Council believes that the residential development industry can provide a bulwark against the global downturn.
