ACT Budget Briefing
ACT Treasurer, Andrew Barr has delivered his first ACT Budget which includes some measures aimed at the building and construction industry. We have prepared this Budget Alert to help highlight what it might mean for you.
At a glance, the land supply program of 19,500 dwelling sites over the next four years would be considered ambitious in light of current global and local markets. The indicative release program is achieved by 5,000 dwelling sites proposed to be available in each of the next three financial years and 4,500 sites in 2015-16.
There is reduced expenditure for new capital works initiatives against recent years which is not unexpected given the level of works-in-progress, and the Government’s deficit management strategy into the out years. We continue to urge a smoothing out of the Government program to help industry, not abandonment of works. With almost $900million of infrastructure works to be delivered in 2012-13, it still represents a big program given around $577 million to be achieved this financial year.
The budget deficit forecast is around $318m for 2012-13 with a forecast return to surplus by 2015-16, a year later than forecast last year. This budget has also included the introduction of new tax reform measures as part of a five year plan. There has been some positive news around payroll tax and some stimulus aimed at new home entrants and particularly at the affordable housing end.
Budgets can be notoriously dull and predictable affairs but it is important we help you understand what it might mean for you and your business. We trust you find the quick summary at least informative and helpful in terms of thinking about your own business in the year ahead.
Download the Master Builders ACT Budget Briefing