Australia Australians are set to be handed $25,000 to renovate their homes or build new properties as part of massive cash splash to keep tradies in work - here's who will be eligible
Coronavirus financial concerns have young people accessing their superannuation
More than a third of Australians that have accessed their superannuation early due to COVID-19 are under the age of 30.Figures from the Australian Tax Office (ATO) show 455,400 young people have dipped into their retirement savings after the Federal Government announced they could access the cash if their pay had been affected due to coronavirus restrictions.
Australians will be handed $25,000 to renovate their homes or build new properties as part of a government cash splash to help get tradies back on the tools, but not everyone will be eligible - and there's a catch.
Prime Minister Scott Morrison on Monday confirmed discussions were underway for a new homebuyers' scheme - his government's fourth COVID-19 stimulus package - with details expected to be announced on Thursday.
Scott Morrison 'to unveil a radical new homebuyers scheme' that will be available to every Australian - not just young buyers looking to own property
Homebuyers may be handed thousands of dollars to build houses as the Australian Government desperately tries to stave off a construction collapse, that would cost thousands of jobs. Construction of new homes has plummeted during the coronavirus pandemic along with most other economic activity and is feared to be slow to revive.
The scheme will help low to middle income earners and be put towards big projects such as remodelling and home extensions - not small DIY renovations.
Singles will be eligible for the cash grant if they earn under $175,000 a year, while couples who earn less than $200,000 combined will be able to apply.
Those who lost their homes during the bushfire crisis over the summer are expected to be given priority access to the scheme.
But the plan will be limited to renovations that will cost a minimum of $100,000,reported.
Mr Morrison warned there would be limits on the type of renovations the cash could be used for, adding there would be safeguards in place to avoid people 'rorting' the system.
WinGet: Microsoft comments on the allegation of theft
© provided by Dr. Windows Microsoft Build 2020 Digital Last week, an accusation by developer Keivan Belgi caused a stir in the technology world and put a heavy strain on the Redmond company. According to him, Microsoft is said to have used central components and ideas of its own package manager AppGet in the development of the new package manager WinGet and has not (adequately) appreciated its own work.
'You've got to try and avoid the rorting and people taking advantage of it,' Mr Morrison told 2GB on Monday.
'Even though Australians have been amazing during this crisis, there's still those that will do the wrong things.
'We are more interested in the larger projects and new home builds and things like that.
'We are looking at a bit of drop off in that current home building that's going on. That's not good for tradies and not good for jobs.
'The tradies and all the others – the apprentices and others who work in that home building sector are going to feel a lot of pain unless we can keep a continuity in the business with house construction.'
While it was previously reported the Australians building new homes could receive more than $40,000 as part of the scheme, Mr Morrison said $25,000 was 'in the ballpark'.
Scott Morrison's tradie-saving plan unveiled: PM announces $25,000 handouts for Australians to renovate and build new homes starting TOMORROW under scheme to stimulate the economy
In an extraordinary bid to stimulate the economy, the government is handing out the cash grants to help Aussies renovate their home or build a new house to live in.The federal government will on Thursday announce an extraordinary scheme to stimulate the economy by giving people $25,000 to renovate their homes or build a new house.
Master Builders Australia chief executive Denita Wawn said the package would save small construction companies from a potential catastrophe.
She said the inclusion of renovations to the scheme - which also plans to broaden the first home buyers allowance - bypasses 'the red tape' of requesting planning approvals.
Ms Wawn agreed certain criteria should be met for the types of property renovations people could apply for, including making homes more resilient to natural disasters such as fires and floods.
Homeowners should also be able to use the grant money to rectify cladding and asbestos concerns, Ms Wawn suggested.
Economic modelling commissioned by the business determined the entire stimulus package could generate upwards of 105,500 jobs.
Already, the building industry has taken a significant hit for 2020/2021 and 2021/2022. Instead of 159,000 new homes scheduled for completion by 2021, there are only 116,000.
Melbourne fake healers allegedly stole from victims by praying over packages of cash or jewellery
Police investigate after reports a group of women posing as spiritual healers has scammed at least two people out of cash and jewellery in Melbourne's south.A Victoria Police spokesperson said two women were both tricked by the group before their property was stolen.
Based on previous economic downturns, the modelling warns it will likely take the construction industry four times longer to recover than other sectors.
'We have seen that governments can fast track construction activity in response to natural disasters and COVID-19 is shaping up as an economic disaster,' Ms Wawn said.
Grants of up to $10,000 have at various times been offered by the states, but only to first homebuyers struggling to own their first property.
The government's new plan is instead believed to be across the board - offering financial support to anyone wanting a new home or to drastically renovate their existing one.
Home auctions and inspections have recently been allowed for the first time in more than two months and are still subject to many restrictions.
The new stimulus appears similar to a proposal by the Property Council of Australia, though it recommended giving every buyer of a newly-built home $50,000.
Under that $2.5 billion proposal, 50,000 new homes would be built and more than 200,000 jobs created.
The proposed 'new home boost' initiative would be limited to the first 50,000 purchases and run between July 2020 and June 2021.
HomeBuilder scheme 'a disappointment' plagued with 'unresolved problems'
Deputy Labor Leader Richard Marles says the government’s new HomeBuilder scheme is “ultimately just a disappointment” and “most of the problem is still unresolved”. “Around 60,000 new homes were supposed to be built in the country before COVID-19 struck,” Mr Marles told Sky News. “And what this package that the government’s announced today does is only provides an additional 10,000 homes,” he said.“There’s a million people that work in this industry and it’s one that’s been in crisis and that means most of those working in the industry have lost their jobs.
The PCA also wants stamp duty scrapped and foreigners welcomed back to Australia to buy more properties.
Property Council of Australia's Proposed Stimulus Measures
- $50,000 grant to all purchasers of newly constructed dwellings only, not existing housing
- Potential to stimulate the construction of 50,000 new dwellings, supporting 200,000+ jobs
- Grant scheme limited to the first 50,000 purchasers, including lessees of new retirement living units, with these to be geographically spread
- Approximately $2.5billion of Federal funding required to stimulate
- No pricing cap – the aim is to bring forward all possible market demand and stimulate the greatest economic response
- Scheme would require commencement on site between 1 July 2020 and 30 June 2021 only
Pictures: Unusual homes around the world
Prague, Czech Republic
Abidjan, Ivory Coast
Seoul, South Korea
Rio de Janeiro, Brazil
JobKeeper: Questions around eligibility after childcare workers removed .
Speculation is mounting the federal government may remove wage subsidies from other sectors after announcing an early end for childcare workers.Labor has accused the coalition of breaking its promise to maintain JobKeeper for six months.