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03 February 2009

Summary of the Rudd Package

Okay, this is the summary of the Rudd Package (extract from the Courier Mail - 03 Feb 09):

* Tax bonus of $950 for those earning up to $80,000, and smaller amounts for those earning up to $100,000.
* $14.7bn for school infrastructure and maintenance and trade training centres;
* $6.6bn to boost public housing by about 20,000 new homes;
* $3.9bn for free insulation to 2.7 million homes and solar hot water rebates; 
* $890m for regional roads and blackspots, railway boom gates; 
* $2.7bn small and general business tax break to provide deductions for some equipment purchases before the end of June 2009; 
* $12.7 bn for one-off payments to working Australians, families with school-age children, farmers, single income families and for those undergoing training. 

On top of the cut to official interst rates by 100 basis points, the other initiatives are likely to have a direct or indirect effect on the property market.

As usual, the devil's in the detail - Morpheus Property will look into these plans over the next few days to better understand their likely impact. However, we're still expecting a strong flow of first home owners between now and 30 June, which is likely to bump up houses in the $350k-$500k price bracket.

More to follow...

Yours in property!

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