Scott Morrison hints at budget initiatives for home buyers

Jodie Humphries 13 March 2017

treasurer housing affordability

Australians waiting to see if the Treasurer will use the May budget to address housing affordability.

Federal Treasurer Scott Morrison has shown support for a home ownership decentralisation strategy laid out by his Nationals colleague Barnaby Joyce. In a 2GB interview, Morrison seemed to hint towards how the budget will offer measures to deal with issues such as housing supply and helping renters.

Morrison went out to Tamworth to visit Joyce’s electorate and meet with developers, builders and other businesses. Speaking with Ray Hadley on 2GB the Treasurer discussed his recent trip to Tamworth and how he was impressed by the strong agricultural sector in the area that has been underpinning prosperity in Tamworth and areas like it.

“For young people who are thinking about "can I buy a house in Sydney or can I buy a house in Melbourne or Brisbane?" or things like that, there is an option if people want to take in places like Tamworth,” Morrison told Ray Hadley on 2GB.

This push to look outside the major cities is just one of the ideas to deal with issues of housing affordability. The May budget is set to focus on increasing supply to put help curb the growth of the Sydney and Melbourne markets.

“The reason prices go up is when you get too many people wanting to buy and not enough stock, so you have to address that imbalance that is there, and that’s about planning, it’s about development, it’s about how much it costs to build a home, the cost of developing a site,” Morrison said later in his 2GB interview.

Morrison also noted saving for a deposit was the primary problem facing the younger generation.

“That is a big challenge for people, particularly younger people, and people are putting off when they buy their house, they’re even putting off when they have kids so they can save more, and so the ramifications of this run through the community in many different ways, and so that’s why it’s a very important issue and that’s why we’ll be addressing it in the budget, but it’s got to deal with a whole range of things.”

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