Construction on Australia’s new home-building giant is expected to cost about $8.7 billion, with most of the work being done in the next few years.
Key points: The $1.6 billion project is the first major construction project of the decadeAustralia’s first big new house is expected in the early 2020sThe project is part of a wider $20 billion overhaul of Australia’s housing marketAustralia’s housing sector is in recession, and the first phase of the $1 billion $10 billion project will see thousands of new dwellings built, with a number of new developments to follow, including a $1 million home for two.
But the $8bn will come with a cost.
The Government has set aside $5 billion for the construction of houses, and says that $3.5 billion will go towards the $5.4 billion housing tax rebate.
That money will be spent on building the new houses, but the Government says it will also use the money to fund other areas of the economy.
“This project is a first of its kind in Australia and one that will be a major catalyst to help drive growth in the economy,” Treasurer Scott Morrison said in a statement.
“Australia’s economy is on the rise, and more people will be able to start contributing to the economy in the future.”
The $1bn project is expected by the end of 2020.
Mr Morrison said the government was also considering providing additional help to small businesses and small households.
“We have to provide more support to those who need it, and this is a way to do that,” he said.
“In the long term, this will help support businesses, increase employment and create a stronger middle class.”
The Government says about half of the houses will be completed in just a few years, with the rest to follow by the middle of next decade.
“Our objective is to deliver a house for every Australian within 10 years,” Mr Morrison said.
Topics:housing,government-and-politics,jobs,housing,business-economics-and/or-finance,government—state-issues,economic-trends,business,housing-industry,housingFirst posted February 15, 2020 19:53:23Contact Ashley SmithMore stories from New South Wales