The recently announced SA State Budget contained significant spending commitments on infrastructure and facilities to create jobs and economic growth in the state, including a new Housing Construction Stimulus Package.
One part of the Budget includes a $75.6 million Housing Construction Stimulus Package which will be available from the end of 2021 to offer support to the housing construction industry as it transitions away from the Federally funded HomeBuilder Grants. A further $300,000 has been allocated for the following two years.
Renewal SA will also consider projects that supported the development of increased affordable housing. However, no further detail was provided as to any specific plans or budget allocations.
The government said it would also consider other initiatives to support the market, including shared equity for new home construction and opportunities to promote community and affordable housing. Again, no specific details or budget allocations were provided.
Amongst a raft of spending measures it is encouraging to see the government committed to continuing to provide support to the housing sector, in particular to encouraging the development of affordable housing for those on lower incomes.
When the government provides more detail on these measures we will provide further updates.
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