Treasurer Scott Morrison has stated that May’s federal budget will prioritise education, health and social services in an effort to help more young Australians get off welfare and into work.
Speaking at a dinner at the Business Council of Australia this week, Morrison said the budget would help Australians “in a fairer and more sustainable way”, adding that it would achieve its budgetary aims in a way that “tax payers can afford, rather than higher taxes and higher debt”.
The treasurer expressed confidence in the nation’s immediate economic future, remarking that, “We’re seeing particular strength from businesses in financial services, in business services, in property and construction.”
The impact of the upcoming budget on the property industry remains to be seen. Peter White
, CEO of the Finance Brokers Association of Australia (FBAA
), believes that Morrison’s preview of the budget is promising, whilst suggesting the biggest fear for brokers is any restrictions on negative gearing.
“The things that we don’t want to see in the budget are things like changes or negative impacts on negative gearing,” says White, “which I don’t believe is on the Liberal Party’s radar, and we hope that is the case.
“I think what Scott Morrison’s talking about, in regards to health, education and social services, are things that will benefit our market space and help people achieve the Australian dream of owning a home.
“In principal he’s talking about improving the capability of people moving into the workforce, helping people to earn their income and not be on benefits, and buy their home. And that’s a beneficial thing for brokers, who are responsible for 50% of loans written in that sector.”