Federal Budget 2013
The announcement that the Government has committed $24 billion to urban road and rail infrastructure spending is welcomed by the real estate and construction industry.
The infrastructure spend is welcomed by the real estate and construction industry, but further well-targeted reforms are needed, according to leading accounting and advisory firm Grant Thornton Australia.
“Whilst Australia continues to experience high levels of population growth in its major cities, the provision of critical infrastructure has lagged,” said Craig Simon, Grant Thornton’s Real Estate and Construction specialist.
“Increased Government spending on infrastructure will bring forward capital works to support growth and assist with sustainable development. It will also keep work flowing through the construction industry until, at some stage, consumer confidence improves.”
“Whilst the industry welcomes the commitment to infrastructure spending, the budget did not deliver any other initiatives to promote housing affordability or sustainable development.”
“Australia’s real estate and construction industry remains constrained by inefficient taxation, legislative impediments, and delays which inflate costs and reduce housing affordability.”
“The fact remains that the industry is still struggling on the back of negative market sentiment. More needs to be done.”
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Grant Thornton Australia provides audit, tax and advisory services to dynamic, growing organisations and is a single national firm, with over 150 Partners, more than 1,200 people across Australia and national turnover of AUD $232 million. Grant Thornton International is the fastest growing international accounting network in the world, with a global turnover of US$3.7 billion and more than 30,000 people, and was recently named 2013 Network of the Year by the International Accounting Bulletin.