Australia’s umpteenth plan to relax the real estate market. The Australian Senate approved this Tuesday a bill for the next four years by which some 40,000 citizens will be able to buy their first home with help from the State.
The Labor Government’s plan aims to benefit 10,000 buyers annually, whom it will help to acquire part of their homes. If they are new, the State will pay 40% and in the case of second-hand ones, 30%, as detailed in the bill already published on the Parliament website.
In order to be one of the beneficiaries of the measure, buyers must purchase the home to reside in it and Their annual salaries may not exceed 90,000 Australian dollars. (just under 56,000 euros) or 120,000 Australian dollars (about 74,000 euros) together between the income of a couple.
The plan follows other state co-ownership initiatives already in place in the Australian state of New South Wales, the United Kingdom and Ireland.
After the approval of the Senate, the bill must pass the vote in the lower house, where no problems are expected since the Labor Party has the majority. In fact, the Labor parliamentarian and Secretary of State for Competitiveness and Treasury, Andrew Leigh, has celebrated the approval of the law in the Senate with the support of the Greens, since Labor does not have a majority in this chamber.
This is the latest measure by the Government within its plans to facilitate access to housing, which includes the promise of build 1.2 million units by 2030 and encourage ownership. Specifically, the project is a 2022 electoral promise of the Government of Prime Minister Anthony Albanese, to address the housing tension in Australia caused by high prices and stock shortage in big cities like Sydney, Melbourne or Brisbane.
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