{"id":188334,"date":"2025-04-06T15:30:17","date_gmt":"2025-04-06T05:30:17","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=188334"},"modified":"2025-03-31T16:05:11","modified_gmt":"2025-03-31T05:05:11","slug":"what-i-would-do-if-i-was-the-federal-housing-minister","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/what-i-would-do-if-i-was-the-federal-housing-minister\/","title":{"rendered":"What I would do if I was the Federal Housing Minister"},"content":{"rendered":"

A few years ago, I was asked what I would do if I was the Federal Housing Minister.<\/p>\n

This is what I outlined.<\/p>\n

So, what would I do if I was the Federal Housing Minister?\u00a0\u00a0<\/strong><\/p>\n

At present over 60% of our domestic credit goes to housing-related activities and just over 30% goes to business.<\/p>\n

A generation ago these were the opposite.<\/p>\n

See chart 1<\/strong>\u00a0below.<\/p>\n

\"Australian<\/p>\n

This is one of the most telling charts on the Australian economy, yet it gets little airplay nor is it regularly updated.<\/p>\n

My aim, as housing minister,\u00a0 would be to reverse these proportions over the next 25 years, if not sooner.<\/p>\n

That said, here are\u00a0the ten things\u00a0<\/strong>I would do.<\/p>\n

1.\u00a0<\/strong>All states\/territories to remove stamp duties and federally we will remove the investor capital gains tax discount and negatively gearing tax breaks for resale homes.\u00a0 This would be phased in over a five-year period for investors who currently have negative gear.\u00a0 Also, negative gearing for new homes would only stay in play for five years too.<\/p>\n

2.\u00a0<\/strong>Impose a broad-based land tax on all properties set at between 2.5% and 5% per annum, depending on use, tenure and length of time held. \u00a0Overseas interests pay a higher rate per annum. \u00a0Too many land banks.<\/p>\n

3.\u00a0<\/strong>Introduce a capital gains tax on all properties, with the percentage set to decline on the length of time held \u2013 under 2 years say 20%, 2 to 5 years 15% \u2026. over 25 years 1% etc. \u00a0This is to help stop flipping.<\/p>\n

4.\u00a0<\/strong>Stop all first-home buyer grants and related gifts \u2013 they just stuff things up by making housing less affordable, distorting the building cycle and resulting in fewer first-home buyers than would otherwise be the case.\u00a0 See chart 2<\/strong> also below. I would also cancel the Housing Australia Future Fund\u00a0and other associated largesse. Government get out of the way, you suck at building homes!\u00a0Embolden<\/strong>\u00a0private industry to build.<\/p>\n

\"Home<\/p>\n

5.\u00a0<\/strong>You cannot use more than 50% of your SMSF assets to buy an investment dwelling\/s.<\/p>\n

6. The same<\/strong> set of development and building rules across the country vary only due to climatic conditions.<\/p>\n

7.\u00a0<\/strong>Infrastructure charges per new dwelling are also the same across Australia, set at 5% of the final vacant land or new dwelling sales price (and not a flat fee) and payable on the final settlement.<\/p>\n

8.<\/strong>\u00a0Caveat emptor applies to all buyers \u2013 off-plan included and especially high-rise apartments.\u00a0\u00a0And developers and builders are responsible for all shonky workmanship, within a specified time frame and with fair caveats, not the general public.<\/p>\n

9.<\/strong> No Australian Passport, No Buy \u2013 regardless of dwelling type, development status or origin of the purchaser.<\/p>\n

10.\u00a0<\/strong>And this last one is really self-indulgence, and maybe not that important, but a particular bugbear to me. All publicly promoted\/exposed housing market-related research, such as price growth predictions, must go through a peer panel review and an equally weighted \u2018con\u2019 argument must run alongside the \u2018pro\u2019 pitch.<\/p>\n

<\/div>\r\n
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A few years ago, I was asked what I would do if I was the Federal Housing Minister. This is what I outlined. So, what would I do if I was the Federal Housing Minister?\u00a0\u00a0 At present over 60% of our domestic credit goes to housing-related activities and just over 30% goes to business. A…<\/p>\n","protected":false},"author":8,"featured_media":164125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,3],"tags":[],"class_list":["post-188334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-property-investment"],"acf":[],"yoast_head":"\nWhat I would do if I was the Federal Housing Minister<\/title>\n<meta name=\"description\" content=\"A few years ago, I was asked what I would do if I was the Federal Housing Minister. This is what I outlined. 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