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The Real Estate Institute of Australia (REIA) has made a submission to Government for the 2017-2018 Federal Budget, primarily focusing on property taxation and housing affordability.

The proposal also sets out the need for the Government to recognise the importance of the property sector as a driver of economic growth, and to acknowledge this by appointing a Minister of Property Services. 

By addressing these areas, the REIA believes it will help to contribute to Australia’s continuing economic development and productivity.

Read the submission in full here.

REIA recommendations

In summary, the REIA asks the Government to:

• Take a leadership role in taking a co-ordinated and holistic approach of all levels of government in objectively addressing all property taxes 
  
  
• Retain negative gearing and capital gains tax on property investments in its current form until a co-ordinated and holistic approach in objectively addressing all property taxes is undertaken
  
  
• Take a leadership role in urging all states and territories to take the same approach to the provision of assistance to first home buyers regardless of whether the dwelling is new or established
  
  
• Establish a scheme to encourage young Australians to have access to their superannuation for the purpose of raising a deposit for a first home
  
  
• Improve the supply of housing for social housing tenants transitioning to private rental by utilising private investment
  
  
• Appoint a Minister for Property Services.