This article (dated 4 November, 2007) talks about one of newly elected Prime Minister Kevin Rudd's pre-election promises. In essence, Mr Rudd claims he will set up special savings accounts, designed to assist first home buyers save for a home deposit, including generous tax breaks.
More information: Details of the Labour Party's plan for housing is detailed in the following page on the ALP website.
Will his government deliver? Is this enough to address housing affordability?
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First Home buyers are finding it increasingly difficult to find affordable housing close to good work opporunities. Continued help from the government to enter into the housing market is essential if young people are going to maintain any chance of that home ownership dream.
I think more could be done on the front of State Government tax to alleviate the added burden of house purchase costs. I dont think enough has been done with the windfall of GST to reduce the overall cost of home ownership, particulalry in Queensland.
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