Budget to boost construction

There’s been no shortage of news about the 2015-2016 budget over the past few days, but you mightn’t have thought much about what it could have in store for you. Whether you’re in the market to build a new house, or are on path towards saving for your first home loan, you might actually find yourself pleasantly surprised with what’s been decided.

One of the biggest winners to emerge from the budget has been building and construction, in more ways than one. When you’re on the lookout for an affordable home, the jobs and small business package could mean a couple more options to choose from in the coming months.

The government announced a whopping $5.5 billion package for small businesses across the country, which is intended to encourage more Australian’s to take up the reins of entrepreneurship and create jobs. Not only that, for those of you running your own enterprise, this incentive could even help you get together the funds for a self employed home loan that bit quicker.

As a nice bonus, Master Builders Australia pointed out that the incredible 300,000 smaller companies in the construction sector that can reap the benefits of this incentive, which could mean more employment, more confidence and stronger building activity – and, ideally, greater affordability.

“Master Builders called for a Budget to boost confidence and viability for business in the here and now and the Government has delivered,” Wilhelm Harnisch CEO of Master Builders said in a May 12 statement.

The Housing Industry Association (HIA) was also happy with the outcome. HIA Chief Executive of Industry Policy and Media Relations, Graham Wolfe, said tax cuts – including the deduction available when buying new assets – will be a big help for residential construction in particular.

With the budget creating a bright future for construction and small business, it could be a good time to pursue your own home ownership dreams.