The Rudd Government announced a six-month extension to the First Home Owners Boost in the recent Budget. The Boost will be reduced by half for the last three months of the extension period.
Extending the First Home Owners Boost will support more local jobs and help more Australians realise their dream of home ownership.
It makes sense to phase out measures such as the First Home Owners Boost to allow the market to re-adjust gradually as the grants reduce.
The First Home Owners Boost is part of the Rudd Government’s response to the global recession. A strong housing market is critical for underpinning confidence and supporting jobs in the Australian economy.
The First Home Owners Boost, combined with low interest rates has brought first home buyers into the market in record numbers.
Activity in the housing sector means more jobs for electricians, builders, plumbers and other tradespeople across the country as we fight the impact of the global recession.
The Government is also investing $6.4 billion to build 20,000 social housing dwellings across Australia. This will stimulate the building and construction industry and has been estimated by Treasury to support 15,000 jobs nationally over the next two years.