CEO Update: MBA Calls for Greater Economic Stimulus
MBA Calls for Greater Economic Stimulus
Yesterday the MBA made submission to the ACT Government making 16 suggestions on how to support the building and construction industry, and encourage greater private sector investment in the Territory.
Based on MBA Australia economic forecasts and feedback from our members, companies are concerned about an expected drop-off of new work in 6 months time. Action is required now to ensure that a pipeline of work exists in six to twelve months’ time, and beyond.
The submission calls for a substantial increase in capital works, prioritising local builders, subcontractors, suppliers and consultant teams. Work packages for the residential, commercial and civil sectors should be released in a range of sizes to assist small, medium and large businesses.
The submission also calls for the introduction of a $40,000 New Home Buyer grant to provide assistance to the residential building sector. Measures such as this were instrumental in reversing the housing slump during the GFC of 2008-09.
Other measures proposed include:
- The establishment of an Energy Efficiency and Accessible Housing Fund to encourage home owners undertake renovation work to established homes,
- Engaging local design and building teams to construct new public housing on unsold Mr Fluffy blocks,
- Supporting the employment of apprentices in major ACT Government funded projects,
- Expanding payroll tax waivers,
- Speeding up development approvals and providing LVC waivers, and
- Establishing a fund for cladding rectification for audited buildings requiring rectification.
Many of these measures could be co-funded with the Australia Government. We encourage and support the ACT Government in any efforts to attract additional Federal funding, together with increased ACT Government spending, to support the building and construction industry.