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House of Assembly - Fifty-Second Parliament, Second Session (52-2)
2012-05-29 Daily Xml
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HOME OWNERSHIP

Dr CLOSE (Port Adelaide) (14:40): My question is to the Treasurer. Can the Treasurer inform the house about what steps the government is taking to help boost the property market and assist with affordable home ownership?

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Workers Rehabilitation, Minister for Defence Industries, Minister for Veterans' Affairs) (14:40): Madam Speaker—

The Hon. I.F. EVANS: Point of order, Madam Speaker. We cannot speculate as to what is in the budget.

Members interjecting:

The SPEAKER: Order! Thank you. It is going to be a long week.

The Hon. I.F. Evans interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: There's a bit of auditioning going on today. There's a bit of auditioning going on.

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: The member for Norwood, he is up there. The member for Davenport has had a haircut, so we know what his ambitions are. But the poor old Deputy Leader of the Opposition, what's going to happen to poor old Mitch?

Mr MARSHALL: Point of order, Madam Speaker: standing order 98, relevance.

The SPEAKER: Thank you. I uphold that. Minister, will you get back to the substance of the question, please?

The Hon. P.F. CONLON: Point of order, Madam Speaker. Can the member for Norwood then cease interjecting because it is also out of order?

The SPEAKER: Thank you.

The Hon. P.F. Conlon interjecting:

The SPEAKER: Order! Minister for Transport, order!

The Hon. J.J. SNELLING: Madam Speaker, I am pleased to inform the house that, over the weekend, the Premier and I announced that the upcoming state budget will include a continuation of the $8,000 First Home Bonus Grant and will provide a new stamp duty exemption for the purchase of off-the-plan apartments.

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: First home buyers who build or purchase a newly-constructed home—

Members interjecting:

The Hon. J.J. SNELLING: They are very upset today, Madam Speaker. I don't know what's going on there, but, anyway. First home buyers who build or purchase a newly-constructed home will be eligible—

Mr Pederick interjecting:

The SPEAKER: Order! The member for Hammond will leave the chamber for 30 minutes.

The honourable member for Hammond having withdrawn from the chamber:

The Hon. J.J. SNELLING: First home buyers who build or purchase a newly-constructed home will be eligible for $8,000 of state government assistance for another 12 months, with $5.6 million allocated. Together with the First Home Owner's Grant of $7,000, first home buyers who build or purchase a newly-constructed home in South Australia of $400,000 or less could receive $15,000 in government assistance towards the cost of their first home.

In addition to the First Home Bonus Grant, the state government will also introduce a new stamp duty concession for off-the-plan apartments in the city and North Adelaide. The government has allocated $5.1 million over the forward estimates to provide a full stamp duty concession for the next two years for apartments valued at $500,000 or less, followed by a partial stamp duty concession for the two years after that.

The full stamp duty concession provides relief of up to $21,330 and the partial stamp duty concession provides tax relief of up to $15,500. Purchases of off-the-plan apartments valued at more than $500,000 will be eligible for the capped stamp duty concession. Together with the first home buyer grants, first home buyers who want to live in the city can potentially save more than $31,000 if they purchase an off-the-plan apartment in 2012-13. This incentive will encourage greater residential population in the city and demonstrates the government's commitment to creating a cultural, innovative and more vibrant city.

With the state experiencing some of its biggest revenue write-downs in its history—due to factors including property transactions being at their lowest level in 25 years—these two budget measures will also help encourage continued activity in the building and construction industry and in turn more jobs for South Australians. The new stamp duty exemption has been the result of long negotiations with the building and construction industry, and I have listened to the concerns of this sector in formulating this budget initiative. It is pleasing to see that this announcement to assist the property market and construction sectors has been well received by the Property Council and others in the building and construction industry.

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