While last night’s Budget was anything but revolutionary, with little to affect property investors and the world of real estate, one sector that will benefit, according to Master Builders Australia, is the construction industry.
“Tradies and builders in the nation’s $200 billion building industry are big winners from the Budget,” CEO Wilhelm Harnisch says.
“This Budget should act to underpin a boost in building industry confidence, through targeted growth measures and a credible budget repair strategy to take Australia into the next decade.
“It provides the settings that will enhance the capacity to strengthen the nation’s economic stability, future growth path and greater investment; fundamental requirements for a strong building industry,” he adds.
“The various Budget measures will allow the building industry to play a positive role in the rebalancing of the economy.
“The government has delivered on Master Builders’ calls for fiscal and industry policy settings that are targeted and realistic.
“It will boost confidence and should bring forward economic activity, investment, growth and jobs in the building industry.”
Newly introduced measures to cut company tax rates for SMEs and the expanded tax write-off will be an immediate “shot in the arm” for builders, particularly in the equipment-intensive building industry, he says.
“Other measures, including the government’s plan to reduce company tax progressively to 25 per cent over the next decade, the continued rollout of the government’s $50 billion infrastructure package, confirmation that there will be no change to negative gearing and the $840 million youth employment package will also boost confidence and jobs,” Harnisch says.