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Plan to give new homebuyers $50,000 to kickstart economy

Courier Mail 2020-05-21 08:20:00

New-home buyers could pocket a $50,000 handout under a proposal from the property industry’s peak body aimed at kickstarting the sector weighed down by the coronavirus pandemic.

The Property Council of Australia has also put forward a radical transformation of housing taxes by abolishing stamp duty and increasing GST as well as a plan to increase the buyer cohort by encouraging immigration.

Chief executive Ken Morrison said the council’s seven-point proposal will help secure jobs for hundreds of thousands of Australians and ensure economic recovery post-coronavirus.