Tasmanian budget 2018 statement

Bank of us welcomes the 2018 Budget housing strategy measures says CEO Paul Ranson

There’s been a lot of good news lately about the Tasmanian economy. We’re in an enviable position to capitalise on the current business confidence, tourism growth and investment.

The Liberal government released its fifth Budget on Thursday 14 June, a budget that Treasurer Peter Gutwein said would “underpin our booming economy”.

However, as the economy booms, it brings with it, its own challenges. At Bank of us, we’re very aware of the current state of the property market and that affordable housing in Tasmania is in short supply, especially in the south of the state.

So, we are pleased that this year's Budget acknowledges these challenges and includes several measures to help increase the supply of affordable housing and help people get a foot into the housing market.

At a glance the Government is set to:

  • Deliver $25 million per annum over five years as part of Stage two of the Tasmanian Affordable Housing Strategy. This investment is said to result in an additional 1500 new affordable homes.
  • From 1 July, seniors downsizing their home will receive a 50 per cent stamp duty concession, as will first home buyers, purchasing existing homes up to $400,000.

These measures are in addition to the recently announced extension of the $20,000 first home builders boost and the Private Rental Incentives pilot scheme.

We understand that it can be difficult to get into the property market, even without the additional pressures of the current market.

As a customer owned bank, we are 100 per cent focused on our customers and welcome the opportunity to talk to people in our community who are looking for uncomplicated, great value products. Our aim is to help more Tasmanians realise their dreams of owning their own home.