Master Builders SA’s lobbying has delivered some major announcements in the 2023/24 State Budget that will strengthen the building and construction industry.
Stamp Duty
Stamp Duty has been abolished for first-home buyers purchasing or building a new home:
- Buying a newly built home valued up to $650 000, with relief progressively phased out for properties valued up to $700 000.
- Purchasing vacant land valued up to $400 000 to build a new home with relief phasing out for land valued up to $450 000.
This announcement is a direct result of Master Builders SA’s report on the economic benefits of stamp duty reform. Master Builders SA has been advocating for these reforms for 5 years and has been in discussion with the current government for the past 2 years.
First Homeowners Grant
The threshold for the first homeowner’s grant of $15,000 has been increased to the median house price of $650,000 from $575,000.
A new HomeStart loan will be introduced with a deposit of as little as 2 per cent.
These announcements help to address the housing affordability crisis and will put more young South Australians in their own homes.
Additional Measures Announced
- $20 million in school funding to upgrade and repair infrastructure
- An extra $55m for the Adelaide Aquatic Centre upgrade ($135m total)
- $2m for two new hospital avoidance hubs
- Born to Build expanded to partner with Adelaide Football League to recruit more apprentices to the industry
- Funding for a Mental Health Initiative in the program funding
- $1 million per annum to support Group Training Organisations to employ mature-aged apprentices
- $7 million per annum to address emerging skills shortages such as concreting and bricklaying
- $348.9m to construct a new purpose built forensic science facility
Economic Snapshot
In this budget, the State Government has kept to its election promise of no new taxes and there are no additional savings targets for agencies. Treasurer Stephen Mullighan announced a deficit for the current year of $249 million and has forecast a return to surplus in 2023/24. South Australia took a $95 million hit to GST funding, which accounts for almost half of the deficit.
