Homepage DesignBuild Source newsroom

What the Budget Means for Construction

Announcement posted by DesignBuild Source 09 May 2012

Federal Budget
Given pre-commitments to turn a $22.6 billion fiscal deficit back into a surplus, the 2012/13 federal budget was always going to be tough.

Predictably, also, the reaction from key building and industry groups has been mixed, with Master Builders Australia on the positive side welcoming the return to surplus but criticism coming from Housing Industry Association (because of lack of initiative to boost housing supply), the Green Building Council (for scrapping tax breaks for building retrofits) and Australian Industry Group (for the focus upon short term consumption at the expense of long term growth).

On balance, however, despite some notable positives (see below), broken promises regarding the retrofits and also company tax rate reductions mean that this budget is disappointing for the construction industry.

Below is an outline of the key positives and negatives for the industry in the budget...

Continue Reading