Federal Budget: a property lens By Jarrod McAleese
On Tuesday 11 May, Treasurer Josh Frydenberg delivered the Federal Budget for 2021-22 – undoubtedly one of the most important in Australia’s history, as our nation continues to stabilise in the aftermath of COVID-19. In its budget overview, the Government stated that “our economy has recovered strongly and is set to return to pre-pandemic levels nine months earlier than expected last Budget with the unemployment rate’s recovery set to be five times faster than the 1990s recession. It also noted that while “we are not yet out of the pandemic, we are better placed than most other countries 2
in the world to meet the economic challenges that lie ahead.” Underpinning this rebuild is property – Australia’s most valuable asset class, worth $7 trillion. As widely reported, the market has been red-hot thus far in 2021, with sales settlements up 38% year-on-year, according to the latest analysis from PEXA. Understandably, there was significant interest in the Federal Budget’s
