MASTER Builders ACT CEO Michael Hopkins says “the 2023/24 ACT budget has missed a major opportunity to boost support for local apprentices and trainees to create the ACT’s workforce of the future.”

“With no increase in apprentice subsidies, and the removal of programs to attract more women into the construction industry, the ACT budget fails to explain where the skilled workforce will come from to deliver more housing and infrastructure to support the ACT’s growth”, he says.

“While the social and affordable housing package is a welcome announcement, the budget is relying heavily on the private sector to deliver the majority of the ACT’s future housing needs without increasing land release.

Hopkins says with the Territory Plan still to be finalised and the updated ACT Infrastructure Plan at least 12 months away, there is very little detail in this budget to explain to the ACT community how our housing needs will be met.”

“The 20,000 people working in the local building and construction industry will be relying heavily on the delivery of the $8.2 billion infrastructure program while further details about housing delivery and apprenticeship funding is finalised,” he says.

“Every dollar invested in the construction industry generates a three-dollar multiplier throughout the broader economy, meaning a strong building industry equals a strong ACT economy.

“As we continue to move through a very volatile economic period, the ACT Government needs to support industries that will help drive strong economic growth.”

Meanwhile, the Property Council welcomes the ACT budget to tackle housing crisis.

Property Council’s ACT and Capital Region Executive Director Shane Martin says the key to affordability lies in increasing supply, “and the government is taking steps to expand housing stock across the board”.

“The recently passed Planning Bill sets the foundation for increased housing supply and we look forward to the release of a revised Territory Plan and District Strategies to make this happen,” says Martin.

“We are particularly pleased to see additional measures to promote land release. The government has flagged an intention to release land for 16,000 dwellings over the coming five years and we look forward to working with the relevant agencies to make this happen.”

Martin says the government’s ongoing commitment to the transition from stamp duty to land tax was commendable and increasing the stamp duty waiver from $600,000 to $700,000 for off the plan purchases should stimulate the housing market.

However, he says the changes to the Lease Variation Charges (LVC) were not supported.

“With our industry facing so much economic volatility, now is not the time to be increasing LVC,” he said.

“But it was positive to see Build-to-Rent (BTR) initiatives in this budget.

“BTR will play a crucial role in Canberra, especially for individuals relocating for new job opportunities who may be unsure about permanent residency.

“BTR offers long-term leases in convenient locations, providing tenants with secure tenure and fostering a supportive community environment. Canberra is the right place for BTR Investment.

“The Property Council now calls on the government to take a fresh look at some of the ageing office stock in our strategic centres.”