Page 2226 - Week 08 - Tuesday, 4 June 2013
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And our considerable capital works program will continue to inject funds into our economy.
We will help ensure Canberra remains the services heart of south-east New South Wales, including through investment in the Canberra Urban and Regional Futures program.
Tourism contributes about $1.3 billion to our economy each year and is a major employer in our city. This Budget funds specific initiatives to increase promotion for major events and blockbusters, and to help establish direct international flights into Canberra.
There are also specific measures, through the Study Canberra initiative, to boost our higher education sector.
Building more affordable homes
Making buying a home more affordable and encouraging investment in new housing is a priority for the Government.
To further this policy objective, the First Home Owner Grant will rise to $12,500 from 1 September.
It will be retargeted to new and substantially renovated properties. This will boost the construction sector, and aligns the ACT with New South Wales, Queensland, Victoria, South Australia and Tasmania.
The Home Buyer Concession Scheme is being further expanded—from tomorrow the income threshold for eligibility for this scheme rises from $150,000 to $160,000 per household, meaning about 70 per cent of Canberra households meet this income eligibility test.
The property threshold for which a full concession is available will increase to $425,000, with a partial concession available for properties valued up to $525,000.
Due to these changes a household eligible for the First Home Owner Grant and the full Home Buyer Concession could save more than $26,000 when buying a $420,000 home.
The Land Rent Scheme will be retargeted to lower income households—from 1 October it will only be open at the concessional 2 per cent rate.
And in the coming year the Government will release sites for 4,800 new dwellings right across Canberra.
Urban renewal
This Budget lays the foundations for the urban renewal of Canberra.
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