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| Madam Speaker, I moved that the bill now be read a second time. The bill puts into place assistance to first home buyers in a responsible and affordable manner as part of the government’s Budget 2016-17. The assistance is in the form of stamp duty relief to first home buyers of established homes. Since being elected in 2012, this government has demonstrated its commitment to improving housing affordability and driving down the cost of living for all Territorians. This can be seen through policy such as the Real Housing for Growth Initiative, HomeBuild Access and successive land release programs. Home owner assistance was also targeted to encourage of new housing supply. The government policies have worked by helping to reduce the inflationary pressure on property prices, stimulate residential construction and lower rents. The government also recognises the movements of the property cycle and the need to respond to a slowing residential market. There is a need to adapt and ensure that policies remain in tune with the state of the housing market. With this in mind, I am pleased to announce that from today first home owners purchasing an established home will receive a stamp duty discount of up to $10 000. Buyers of homes with a value of up to $449 200 receiving a stamp duty discount equating to 50%. The discount is a temporary measure aimed at providing a short-term stimulus to the residential property market, while also assisting first home buyers to buy their first home by reducing their upfront transaction costs. By introducing this assistance in the form of a stamp duty discount rather than a cash grant or a full tax exemption the government is confident that in this period of sluggish market activity, the new stamp duty discount will not place upward pressure on house prices. Consistent with its overarching commitment to ensure that housing affordability remains a key priority, the first home owner discount will operate from now until 1 July 2017 as a temporary measure. During the period of its operation the government will continue to closely monitor the property market to ensure that our housing policies continue to best serve the needs of Territorians. This scheme may be extended depending on market conditions. With improved housing affordability and lower interest rates, making loan repayments more manageable by providing a stamp duty first homeowner discount of up to $10 000, the government is playing its part in helping to restore confidence in the market and provide an extra boost to Territorians seeking to enter the housing market for the first time. Madam Speaker, I commend the bill to honourable members and table a copy of the associated explanatory statement. Debate adjourned. |