Australia: Opposition Leader Delivers Budget Reply Speech

Leader of the Opposition, the Hon. Angus Taylor MP, has delivered the budget reply speech overnight outlining a significant reform agenda with the key focus being on:

• Housing and Construction
• Infrastructure
• Immigration
• Addressing fuel shortages created by the Middle East conflict
• Support for Small Business
• De-regulatory agenda
   

In his budget reply speech the Opposition Leader has confirmed that a Coalition Government, if elected, will repeal the changes to capital gains tax and negative gearing which were announced this week by the Albanese government.

The Coalition has also pledged to:

• reduce construction regulation by reducing size of the National Construction Code so that it is approach 200 pages
• remove tax incentives for Build To Rent developments
• disband the Housing Australia Future Fund
• readjust the first home buyer 5% deposit scheme so that it is only available to Australian citizens.
   

To help support new housing the Opposition has also committed to spending $5 billion for infrastructure on roads, water, power and sewerage.

The Opposition has also confirmed that it will seek to reduce immigration such that it matches the number of new houses built in Australia as well as introduce a range of measures including making the Australian Values Statement an enforceable visa condition and placing a requirement on all immigrants to learn English.

Mr Taylor has also outlined measures to address fuel shortages created by the Middle East conflict which include:

• doubling Australia’s minimum reserves of petrol, diesel and jet fuel so that it approaches 90 days
• investing $800 million for new fuel storage
• making fuel security services payments to promote the building of new refineries including for non conventional fuels
• streamlining environmental approvals so that key energy projects can proceed.
   

The Opposition Leader has also outlined plans to support small and medium business by confirming that businesses with a turnover of less than $10 million will be able to immediately deduct assets of up to $50,000 on a permanent basis.

Lastly the Opposition has pledged to introduce new legislated requirements on regulators to encourage competition, nurture investment, increase productivity, boost wages and grow the economy.

For more information

Mel Rohan
External Affairs (Australia)
mrohan@rics.org