Cost-of-living relief for home owners urged by REIA

The Real Estate Institute of Australia (REIA) has “fervently” called on the Albanese government to implement cost-of-living relief measures for Australian home owners and renters in the budget 2024–25.

The REIA Budget Submission 2024 has focused on addressing the concerns around cost-of-living pressures in regard to housing, REIA president Leanne Pilkington has said.

“Feedback from real estate practitioners across the country is that cost-of-living pressures for both renters and those holding a home loan are needed now,” Pilkington said.

“Rental affordability remains a critical concern. The role of Australia’s 2.2 million private property investors in supplying rental stock for approximately 8 million Australian rentals, supporting the development of various housing types.”

She added that “tinkering around the edges of income tax” would do nothing for housing supply or economic productivity and has called for more ambition from the federal government.

“While we acknowledge stamp duty is state tax, the Federal Government has a role in taking a coordinated approach across jurisdictions,” she said.

“The removal of stamp duty could introduce an additional 4.0 per cent of property listings into the sales market.

“Sadly, what we are likely to see is this agenda once more put in the too hard basket even when the Australian economy and housing customers need it the most.”

Pilkington continued that there needs to be a practical approach to empty houses, with the REIA proposing an “immediate occupancy audit” across government-owned and funded housing in collaboration with local governments and communities.

“It’s a do now action that could immediately bring more homes to market that all three levels of government can implement,” she said.

Tax cuts to relieve cost-of-living pressures

Last week (27 February), the revised tax cut bill proposed by the Labor government passed both houses of Parliament, despite the criticisms from the opposition and Australian Greens party.

Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 passed through the Senate without amendment late on Tuesday (27 February).

Prime Minister Anthony Albanese touted the revised tax cuts as a “plan for middle Australia”, in an effort to address cost-of-living pressures.

“Our tax cuts are good for middle Australia, good for women, good for helping with cost of living pressures, good for labour supply and good for the economy,” the Prime Minister stated at the time of the bill’s passage.

“Labor’s tax cuts are not the beginning of our actions on cost of living – and they will not be the end.”

[RELATED: Revised tax cuts pass both houses]