IN THIS ISSUE 2019 REIA NATIONAL AWARDS FOR EXCELLENCE NEGATIVE GEARING AND THE 2019 ELEC TION FEDERAL BUDGET 2019 OVERVIEW WHAT INDUSTRY ...
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REIANEWS
ISSUE 87: MARCH - APRIL 2019
IN THIS ISSUE
2 0 1 9 R E I A N AT I O N A L AWA R D S F O R E XC E L L E N C E
N EG AT I V E G EA R I N G A N D T H E 2 0 1 9 E L EC T I O N
F E D E R A L B U D G E T 2 0 1 9 OV E RV I E W
W H AT I N D U S T RY S TA K E H O L D E RS A R E S AY I N G
B E N D I G O B A N K – I N S TA N T H O M E LOA N
T I C O F A P P R OVA L
M A R K E T S N A P S H OT
MORE WANT TO FIND OUT ABOUT PROMOTING YOUR BRAND IN REIA NEWS? CONTACT REIA ON 02 6282 4277 OR AT REIA@REIA.COM.AU FOR FURTHER INFORMATION.
Mr Adrian Kelly
REIA President
PRESIDENT’S
REPORT
WELCOME
FROM REIA’S
PRE SIDEN T
Welcome to the March/April edition promote and showcase excellence Whilst there are no specific measures
of REIA News. and best practice in the real estate for housing in the 2019 Federal
profession. It is the ultimate Budget, the impact on housing
This month‘s REIA News is a bumper
accolade to be a national winner. demand is mildly positive. Regional
issue featuring the 2019 REIA Awards
economies will benefit from the
for Excellence, the 2019 Federal Each year new standards in agency
increased infrastructure spending and
Budget and the upcoming Federal practice are established by the
slight increases in disposable income
election and REIA’s campaign. entrants and replicated by progressive through the tax cuts will provide
REIA’s Annual Awards recognise professionals throughout Australia. for relief on household budgets
the best performers across a wide I am encouraged by the increasing and mortgage commitments.
spectrum of categories including number of professionals that strive to
be recognised as the best in Australia. The Budget was a precursor to the
residential, commercial, rural, sales,
Federal Election which we expect to
property management, buyers To the Award sponsors our sincerest be called within days. Housing and
agent, marketing and innovation. thanks. Without their support a night its taxation for investors will be one
These Annual Awards are an industry of such significance could not occur. of the matters that will be part of the
highlight. They acknowledge the I would also like to thank all the public debate and probably one of the
hard work and effort by individuals judges for so willingly contributing issues that will decide the outcome.
in achieving the best results their time and expertise in judging The article in this edition outlines
for their clients and encourage, the contestants’ submissions. the issue and REIA’s campaign.
Mr Adrian Kelly
R EI A P R E S I D EN T
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WINNERS OF THE
R E I A N AT I O N A L
AWA RDS FO R
E X C E L L E N C E 2019
ANNOUNCED
The Real Estate Institute of South Australia’s Toop&Toop Real Brett Diston of Ray White Commercial
Australia (REIA) announced the Estate was recognised as Large in Victoria won Commercial
Residential Agency of the Year, for Salesperson of the Year with Network
winners of the 14th National
the third year in a row, entitling Pacific Real Estate in Victoria winning
Awards for Excellence at a Small Residential Agency of the Year.
them to be inducted into the
gala dinner held at Crown Perth REIA Hall of Fame in 2020 for this Rich Harvey of Propertybuyer
on 21 March 2019. category. Toop&Toop Real Estate in New South Wales won
were the recipients of the inaugural Buyer’s Agent of the Year.
REIA President Adrian Kelly said
REIA Hall of Fame Certificate of Merit
the awards acknowledge and Mr Kelly presented the prestigious
after successfully taking out the
recognise the best of the best President’s Award for 2019 to John
in Australian real estate. Innovation category in 2016, 2017
and 2018. Toop&Toop Real Estate Cunningham of Cunninghams Real
“More than 250 real estate Estate in New South Wales, recognising
has already been inducted into the
professionals from across Australia significant contribution made by an
REIA Hall of Fame for Innovation in
converged on Perth on 21 March individual to the real estate profession.
2009. It was an outstanding night
2019 indicating just how strong for the agency as Kirk Fernandez “In the last 12 months alone, John
our industry is,” Mr Kelly said. also of Toop&Toop Real Estate has done more for our industry
“Winners were recognised from won the Achievement Award. than most agents will ever do in
most of the states and territories their entire career,” Mr Kelly said.
Nikki Katz of Benchmark Business
highlighting it is not just the Sales & Valuations in South Australia “John has been a driving force behind
larger states and metropolitan won Business Broker of the Year and the Pathway to Professionalism
cities taking home the awards Tara Stokes of Harris Real Estate in program and has fought for education
but there where outstanding and training reforms in his home state
South Australia took home Corporate
achievers from everywhere.” of New South Wales. He is the best of
Support Person of the Year.
In particular the Australian Capital the best and a well deserving winner.
Tasmania’s Tameka Smith of Key2
Territory saw outstanding results “Thanks are also extended to REIA’s
Property won Residential Property
with winners in four categories, 2019 national award sponsors:
Manager of the Year and Medium
including Colliers International (ACT) Terri Scheer, Printforce, RECON,
Residential Agency of the Year went
which took out Commercial Agency CoreLogic, PEXA, Rockend, AON and
to Harcourts Huon Valley Tasmania.
of the Year, Rupert Cullen of Colliers VaultRE their continued support
International (ACT) taking home Peter Clements of Mint Real for the real estate industry is
Commercial Property Manager of the Estate Claremont has taken back appreciated,” Mr Kelly concluded.
Year. The Independent Property Group to back Residential Salesperson of
Tuggeranong won the Innovation the Year and Rentwest Solutions
award and Peter Blackshaw Real Estate in Western Australia won the
won the Community Service award. Communications Award.
1 2
3 4
5
1 Residential Salesperson of the Year: Peter Clements – Mint Real Estate Claremont WA presented by Bruce Landow – CoreLogic
2 Innovation Award: Will Honey – Independent Property Group Tuggeranong ACT presented by Alister Maple-Brown – Rockend
3 Community Service Award: Narelle Casey – Peter Blackshaw Real Estate ACT presented by Mike Cameron – PEXA
4 Business Broker of the Year: Nikki Katz – Benchmark Business Sales & Valuations SA presented by Whitney Munoz – Aon
5 Commercial Property Manager of the Year: Rupert Cullen – Colliers International (ACT), award accepted on his behalf by Miron Solomons, presented by
Whitney Munoz – AON
T H A N K YO U T O O U R S P O N S O R S
»» article continues
1 2
3 4
5
1 Commercial Salesperson of the Year: Brett Diston – Ray White Commercial VIC, award accepted on his behalf by Robyn Waters, REIV President presented by
Bruce Landow – CORELOGIC
2 Commercial Agency of the Year Award – Colliers International (ACT) accepted on their behalf by Miron Solomons presented by Scott Wulff – VaultRE
3 Corporate Support Person of the Year: Tara Stokes – Harris Real Estate SA presented by Scott Wulff – VaultRE
4 Communications Award: Suzanne Brown – Rentwest Solutions WA presented by Mike Cameron – PEXA
5 Medium Residential Agency of the Year: Nick Bond – Harcourts Huon Valley TAS presented by Murray Pickles – Printforce
T H A N K YO U T O O U R S P O N S O R S
»» article continues
1 2
3 4
5
1 Large Residential Agency of the Year: Toop&Toop Real Estate SA presented by Murray Pickles – Printforce. (L-R) Suzannah Toop, Murray
Pickles and Genevieve Toop
2 Ray Ellis – CEO First National Real Estate and David Airey (Past REIWA President and Past REIA President)
3 Diane Davis – REIA Board Director (NT) and Robyn Waters – REIV President
4 Sophie Curtis, So Cello
5 Jodie Mason, Bindi Norwell – CEO REINZ and Tim McKibbin – CEO REINSW
T H A N K YO U T O O U R S P O N S O R S
»» article continues
1 2
3 4
5 6
1 Adrian Kelly, REIA President
2 Catherine Summers and band
3 Residential Property Manager of the Year: Tameka Smith – Key2 Property TAS presented by Carolyn Parrella – Terri Scheer
4 Achievement Award: Kirk Fernandez – Toop&Toop Real Estate SA presented by Mark Williams – RECON
5 Small Residential Agency of the Year: Stephen Briffra – Network Pacific Real Estate VIC presented by Carolyn Parrella – Terri Scheer
6 (L-R) John Cunningham (Past President REINSW), Leanne Pilkington – President REINSW and REIA Board Director (NSW), and Peter Clements – Mint Real
Estate Claremont WA – Winner – Residential Salesperson of the year
T H A N K YO U T O O U R S P O N S O R S
»» article continues
1 2
3 4
5 6
1 Lucy Durack
2 Buyer’s Agent of the Year: Rich Harvey – Propertybuyer NSW, award accepted on his behalf by Leanne Pilkington, REINSW President and REIA Board Director (NSW)
3 REIA President’s Award: John Cunningham – Cunninghams Real Estate NSW presented by Adrian Kelly – REIA President
4 Venue
5 REIA Hall of Fame Certificate of Merit: Toop&Toop Real Estate SA presented by Adrian Kelly, REIA President. (L-R) Genevieve Toop, Adrian Kelly and Suzannah Toop
6 Venue
T H A N K YO U T O O U R S P O N S O R S
»» article continuesYour life,
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balance of $50,000. Comparison modelled by SuperRatings, commissioned by ISA Pty Ltd. Modelled outcome shows average difference in the net benefit of REI Super and the retail super funds (Retail super funds
include bank owned and other) tracked by SuperRatings with a 3 (144 funds), 5 (117 funds), 10 (73 funds) & 15 (45 funds) year performance history to 30 June 2018, taking into account historical earnings and fees of
main balanced options. This excludes contribution, exit, insurance fees and additional adviser fees. No adjustments have been made to the figures to take into account the effect of inflation on purchasing power since
this time. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. March 2019 REIS 55108This article is brought
to you by Adrian Kelly
President of the
Real Estate Institute
of Australia
N E G AT I V E
GEARING
A N D T H E 2019
ELEC TION
Even at this stage of the electoral The first thing to note is that negative With large increases in house prices
cycle it is clear that housing gearing is not a special concession for in Australia’s two largest capital cities
affordability and taxation property. It is a legitimate deduction during 2016 to 2018, there have been
arrangements for housing are of expenses in the course of earning many claims that the current tax
going to be key issues in the income from investments in all asset treatment of negative gearing and
upcoming Federal election classes (including shares, other capital gains of residential property
investments and business ventures) is exacerbating housing affordability
campaign and REIA hopes the
until the investment generates issues. This is simply not the case.
debate will be based on rational
a positive income stream in the Indeed the public interest is being
thinking and not perpetuating
future. The ability of investors to served and advanced through the
myths that simply do not hold
gear and use debt is a crucial part current taxation arrangements.
up to analysis.
of investing and fostering economic The current taxation arrangements
growth. The ability to deduct the provide many Australians with the
cost of debt and losses against opportunity to invest in property
income is necessary to ensure that and augment their savings in
investments are not taxed punitively. particular their retirement savings
Similarly the 50 per cent discount on and at the same time improve
capital gains replaces the previous rental affordability through an
indexation of capital gains which was increased supply of rental housing.
put in place to ensure that only real There is ample research that shows
capital gains are taxed – the change that negative gearing and the CGT
being made for administrative ease – discount are not driving excessive,
and is also applicable to all asset classes. unproductive and speculative
The current tax arrangements, in investment in housing but instead
treating property no differently to they are adding to housing supply
other forms of investment, provides with currently $7 billion a year
invested in new dwellings.
an incentive for private investment
which increases supply for our growing One of these, the Henry Review,
population, keep rents affordable and initiated by the current Opposition
eases the burden on social housing. when they were in Government and
»» article continues»» continued
released in 2010, recognised that 3. Builders and their ‘tradies’ was a clear correlation between
the current tax arrangements placed who will build less houses as electorates with high numbers of
downward pressure on rents. shown by independent research investment property owners and a
undertaken for the Master lower than average swing against the
It is supply that is the critical
Builders Association and the Government and in some cases gains.
factor in resolving the affordability
Property Council of Australia. During the upcoming Election REIA
problem. Changes to current taxation
arrangements will do nothing to 4. State governments and their will be taking a similar approach to
address affordability. If anything constituents who will receive dispel the myths surrounding negative
it will exacerbate the problem. less stamp duty to spend on gearing and pointing out the potential
much needed infrastructure. economic impacts of changes to
If there is a change of Government negative gearing arrangements.
5. Lower economic growth when the
and the Opposition’s policy, of Keep an eye out for REIA’s daily
economy is showing signs of stalling.
restricting negative gearing to newly messages on Facebook, Twitter and
constructed homes and halving the At the 2016 Election REIA employed Instagram starting on 8 April.
capital gains tax discount whilst digital methodologies including daily
grandfathering arrangements for Facebook messaging and Tweets
current investors, is implemented which started the week after the @REIAAustralia
there will be many losers. election was called, and ended the
These will be: day before the election. As well @REIANational
as utilising REIA’s contact base the
1. Mum and dad investors who want to
posts were targeted at customised REIAustralia
buy an existing investment property audiences including marginal seats.
to supplement their retirement
savings will no longer be able to Throughout the campaign we reached
claim a modest taxation deduction. an average audience of 120,000 per
week through the REIA Facebook
2. Renters who will see their rents rise
page. The campaign became viral in
just as they did under the Hawke/
the final two weeks, achieving a total
Keating experiment in the 1980’s.
reach of almost 1 million people.
Contrast this to the current situation
where we have the lowest annual Whilst it is impossible to be definitive
increase in rents for two decades. on the impact of the campaign, thereThis article is brought to
you by REIA Chief Executive
Officer Jock Kreitals
Jock can be contacted at
FEDERAL jock.kreitals@reia.com.au
FEDERAL BUDGET
BUDGET
2019 2019
OVERVIEW
OVERVIEW
Whilst there were no major Whilst this may ordinarily have put Budget Overview
surprises in the Budget, the pressure on interest rates, with the
The Government describes this
measures will ease the brake forecasts of inflation well within
Budget as “back in the black and
of economic activity by the RBA’s target zone, and the Australia is back on track”.
slowing investment in dwellings,
providing a fiscal stimulus From a deficit underlying cash balance
the Budget should not adversely
through infrastructure spending of $4.2bn in 2018-19, across the
impact on the RBA’s decisions.
and delivering higher disposable four years of the forward estimates
incomes to 10 million low to In acknowledging the importance of there will be surpluses from $7.1bn
middle income earners. the property sector to the overall in 2019-20 to $17.8bn in 2021-22
economy the Budget papers devote before dropping to $9.2bn in 2022.
a section to the impact of housing Real GDP growth for 2019/20 is
prices on consumption and investment forecast at 2.75%, up from 2.25%
even pointing out that the incomes for the current financial year
of real estate agents are correlated and unemployment is forecast
with housing prices and turnover to remain steady at 5%.
as are state Government revenues Following above average growth of
from stamp duty. It is estimated 5.5% pa in dwelling investment the
that a 10% drop in housing prices current pipeline of activity will see a
could result in real GDP being growth of 0.5% in 2019-20 and then
0.5% lower after two years. decline in the subsequent two years.
2019-20 2020-21 2021-22 2022-23
Underlying cash balance ($b) 7.1 11.0 17.8 9.2
% of GDP 0.4 0.5 0.8 0.4
GDP growth (%) 2.75 2.75 3.00 3.00
Unemployment rate (%) 5.0 5.0 5.0 5.0
CPI (%) 2.25 2.5 2.5 2.5
Private investment, dwellings (% change) 0.5 -7.0 -4.0 N/A
»» article continues»» continued
A graphical summary of information Small to Medium Business
contained in the 2019-20 Budget
• Small-business owners are
provided by the Parliamentary Budget
winners from policies that keep
Office is shown on the next page. tax burdens lower for longer.
• The instant asset write off threshold
Main Budget Points has been increased from $25,000
• There will be immediate tax to $30,000 per asset purchased
cuts for taxpayers earning up to for those small to medium sized
$126,000 per annum. For a single businesses with an annual turnover
income family this is $1,080 and of less than $50m. The change will
for dual incomes up to $2,160 apply from 7.30pm 2 April 2019 to
with the full tax relief applying 30 June 2020 – again this depends
to incomes between $48,000 to on legislation being passed.
$90,000. This will be applicable, • The company tax rate for small
provided legislation is passed, to medium sized businesses
for 2018-19 tax returns. will be lowered to 25% by
• In the longer term, the rate of the 2021-22 from 27.5%.
middle tax bracket ($45,000 to
$200,000) will be reduced from Infrastructure Spending
32.5% to 30.0% from 2024-25.
• Infrastructure spending of $100bn
over 10 years in all states and
Housing territories ranging from $50m
• Whilst there are no specific in the ACT to $7.3bn in NSW.
measures for housing, the impact
on housing demand is mildly State/Territory $
positive. Regional economies QLD $4bn
will benefit from the increased
NT $622m
infrastructure spending. Slight
increases in disposable income ACT $50m
through the tax cuts will provide VIC $6.2bn
for relief on household budgets TAS $313m
and mortgage commitments.
SA $2.6bn
WA $1.6bn
NSW $7.3bn
»» article continues2019–20 Budget Snapshot1
Figure 1: Underlying cash balance Figure 2: Total payments and receipts2 Figure 3: Net debt
Per cent of GDP Per cent of GDP Per cent of GDP
Figure 4: Change in underlying cash balance since Figure 5: Decomposition of change in Figure 6: Key economic parameters
2018–19 MYEFO underlying cash balance3,7
Figure 7: Policy decisions — payments and receipts2,4,8 Figure 8: Top five revenue measures5,6,13,14 Figure 9: Top five expense measures5,6,14
Total, 2018–19 to 2022–23 Total, 2018–19 to 2022–23
Figure 10: Parameter and other variations — Figure 11: Contributions to annual real growth in revenue5,10 Figure 12: Contributions to annual real growth in expenses5,11
payments and receipts2,7,9 Average, 2018–19 to 2022–23 Average, 2018–19 to 2022–23
Figure 13: Payments to states in 2019–20, $127b12 Figure 14: Revenue in 2019–20, $514b5 Figure 15: Expenses in 2019–20, $501b5
1 Figures are prepared using data contained in the 2019–20 Budget Papers and 2018–19 Mid-year Economic and Fiscal Outlook (MYEFO). Any changes shown are since the 2018–19 MYEFO.
2 Payments and receipts are on a cash basis.
3 Consistent with the approach taken in Budget Paper 1 Statement 3 Table 7: Reconciliation of underlying cash balance estimates, these figures exclude the impact of policy decisions on Goods and Services Tax (GST) payments and receipts, but include the impact of
parameter and other variations on GST payments and receipts.
4 An increase (decrease) in receipts results in an improvement (deterioration) in the underlying cash balance. An increase (decrease) in payments results in a deterioration (improvement) in the underlying cash balance.
5 Figures are on an accrual (fiscal) basis.
6 This figure depicts the net fiscal impact of the top measures. Where a measure impacts both revenue and expenses it has been classified according to its principal impact (consistent with Budget Paper No. 2).
7 Parameter and other variations refer to changes due to a broad range of reasons, including revised economic conditions, revisions to a program’s estimated recipient numbers, re-profiling of expenditure and other revisions.
8 This figure excludes the impact of policy decisions on GST payments and receipts.
9 Consistent with Figure 7, this figure excludes the impact of parameter and other variations on GST payments and receipts. Note that this approach is different from that applied to parameter and other variations in Figure 5.
10 This figure depicts the percentage point contribution from key drivers to average annual real growth in total revenue from 2018–19 to 2022–23. Average annual growth in total revenue is presented in the bottom bar in the figure.
11 This figure depicts the percentage point contribution from key drivers to average annual real growth in total expenses from 2018–19 to 2022–23. Average annual growth in total expenses is presented in the bottom bar in the figure.
12 Payments to states refers to the amount of funding provided to States and Territories under the Federal Financial Relations framework. This includes the transfer of the GST collected by the Commonwealth to States and Territories for use on general purposes.
13 Personal Income Tax Plan refers to the Lower taxes for hard-working Australians measure, which will reduce revenue by $19.5 billion over the forward estimates period. The net fiscal impact of $5.7 billion in the 2019-20 Budget reflects a provision of $13.8 billion
over the forward estimates included in the 2018–19 MYEFO.
14 Measures are included on the basis of net fiscal impact in the 2019–20 Budget. Figures shown here may not match total policy impact due to provisions made in previous budget updates.WHAT INDUSTRY
FEDERAL
BUDGET
2019
STAKEHOLDERS
ARE SAYING
AUSTRALIAN Asset Write-off facility for small “Ai Group welcomes the establishment
INDUSTRY GROUP and medium-sized businesses will of a National Skills Commission as
stimulate investment and productive recommended by the Joyce review
“The stimulus inherent in the Federal capacity while also lifting sales and to drive overdue and long-term
Budget is a timely and welcome employment for equipment suppliers. reforms to the VET sector. A National
boost for a slowing economy at Careers Institute will further create
“Looking further ahead, the
a time of wavering business and vital linkages between students,
additional structural reforms to the
household confidence,” Ai Group Chief schools, training and industry.
personal income tax scale represent
Executive, Innes Willox, said today. important improvements that will lift
“Strengthening foundation skills
“The return to surplus, albeit a skinny incentives to save, work and invest
for at-risk employees through the
one, after more than a decade of across the bulk of income earners.
new literacy, language, numeracy
deficits should be recognised. The “Similarly, the Budget brings forward and digital skills program is a
budget also takes positive steps in to 2021-22 the foreshadowed positive and timely step especially
the structural reform of Australia’s reduction in tax rates for small for people most at risk.
income tax arrangements and further and medium-sized companies and
lifts investment in skills, infrastructure unincorporated enterprises. This “Exporters and potential exporters
and assistance for new exporters. measure will underwrite a lift in will benefit from the increased
However, there are real risks around potential of these businesses to deliver allocation to the Export Market
the disappointing cuts to permanent sustainable wage increases for their Development Grants (EMDG) program.
migration, in the modest improvement employees. It is disappointing though
“The reduction in the permanent
to the budgetary outlook and in the that Australia appears stuck with a
immigration intake is of considerable
shortage of measures to substantially two-tiered company tax structure.
concern for the many businesses
boost domestic productivity. “The increase in support for new facing skill shortages across a wide
apprentices – by lifting employer and range of occupations. Extending
“Lifting household disposable incomes
apprentice incentives – is a particularly the reduction for a number of
by combining additional tax relief with
welcome initiative that will help years carries risks and will lift the
the Energy Assistance Payment will address a number of skill shortages
quickly put welcome cash in families’ dependency on temporary migration.
and help provide stimulating career
hands which will flow through to paths for many young Australians. It “Caution should also be sounded over
consumer spending and hopefully is very pleasing that the Government the modest outlook for the budgetary
lift business sales and employment. has listened to industry concerns position over coming years. The Budget
Additionally, the increase in the Instant on our apprenticeship program. remains vulnerable to a downturn
»» article continues»» continued
in general activity and particularly Revenues from business have was the $11 billion net interest bill
to a sudden fall in commodity underpinned the government’s ability on that debt – money that could
prices. In this sense, the task of to pay for the announcements made be better spent on the services
fiscal repair remains incomplete. with growing company tax collections Australians need and deserve.
projected to reach almost half a The Business Council has been
“The budget has taken clear steps trillion over the next five years.
to boost confidence and put the campaigning for a lift in the status
Returning to a serious and credible of the vocational education and
economy on a sounder footing,
surplus matters enormously to training system and we welcome
but it is fair to say that much work
meeting the cost of the future such the government’s commitment
still needs to be done to boost
as the $100 billion earmarked for to the VET sector and promise to
productivity and build economic establish a National Careers Institute
much needed infrastructure and
resilience. Industry looks forward and a National Skills Commission.
sustaining high living standards.
to further policy announcements
The personal tax cuts for low Also welcome, is the promise
ahead of the upcoming Federal
and middle-income earners will to create 80,000 extra
election,” Mr Willox said.
provide relief for families to apprentices and boost literacy,
meet cost of living pressures. numeracy and digital skills.
BUSINESS COUNCIL
OF AUSTRALIA (BCA) We have got to keep the focus The increase in the instant asset
on growing the economy, so write-off for small and medium
This is a strong and responsible business and expanding the eligibility
these tax cuts and spending
budget that delivers a surplus, to claim it will help drive activity in
promises can be sustained.
lowers personal income taxes and the business community. However,
invests in jobs, health, education and As the budget itself warns, Australia it’s the large investment projects
infrastructure, Business Council chief cannot afford to be complacent and undertaken by big companies that
executive Jennifer Westacott said. must better prepare for the global creates substantial export revenue,
headwinds from a slowdown in China substantial tax revenue, generate
This is the payoff for the community and domestic challenges. We welcome activity for thousands of small
from spending discipline and hard Treasurer Josh Frydenberg’s pledge businesses and creates significant
work. Business has continued to do to pay down the nation’s debt. Both employment, particularly in regional
the heavy-lifting in this budget – major parties must show the discipline communities. One of the reasons
which again is proof that when to actually do it. One of the single this budget is in a strong position is
business thrives, Australia thrives. biggest items in tonight’s budget because it is built on decisions and
»» article continues»» continued
investments made by our biggest HOUSING INDUSTRY “The boom in building activity has
companies many years ago. ASSOCIATION (HIA) brought with it an increased demand for
transport and economic infrastructure.
It is disappointing there is no “For the past five years the building The expansion of transport networks
economy-wide signal about the industry has driven economic growth is crucial to the ongoing evolution
need to fix the investment dilemma in Australia. In contrast, the Budget of our cities and regional centres.
Australia is facing with new assumes that dwelling investment
investment as a share of GDP near 25- “The Budget’s increase in
will cool 7 per cent next year.
expenditure on infrastructure
year lows. This must be addressed as a
“The measures in this Budget projects will also play an important
matter of urgency to secure the future
will have a positive impact role in absorbing employment as
revenue to pay for budget promises.
on affordability by improving the housing industry cools.
The best way to sustainably lift household disposable income. “The increased incentives for
wages growth is to drive investment
“The timing of income tax cuts on training apprenticeships are
to improve productivity. significant and necessary as the
1 July 2019 combined with a modest
The challenge for successive industry has faced significant skills
growth in wages will see an increase
governments is to stay on track shortages over the past decade.
in household disposable income.
with fiscal discipline, deliver on “These incentives more than double the
the promises to pay down debt “The combined impact will boost existing Federal Government incentives
and get serious about tackling our household consumption faster than over the term of an apprenticeship.
productivity problems by creating an interest rate cut and assist in
“The small businesses that dominate
the environment for all parts of offsetting the credit squeeze.
the home building industry in Australia
the economy to invest and grow. “The building and construction will appreciate the increase in the
industry employs one in ten workers instant asset write off, at a time when
in Australia. Maintaining a strong they are seeing their revenue slow.
building sector is important not “The improved fiscal outlook presented
just in terms of employment but in the Budget and these new measures
also to ensure that adequate new should improve confidence amongst
homes are built to avoid a worsening customers when making home
of the affordability challenge. building and renovating decisions.”
»» article continues»» continued
INDUSTRY SUPER “Sadly, the Budget again misses an MASTER BUILDERS
AUSTRALIA (ISA) opportunity to take action on the AUSTRALIA (MBA)
millions of Australians missing out
Those who have retired or are on Builders around the country will
on super entitlements – particularly
the cusp of doing so will benefit back the key initiatives in the Federal
women and younger workers.
from changes to voluntary super Budget that will help promote
“Women on average receive 40 per
contributions outlined in the Budget, economic growth across the country.
cent less super than men, and a
yet there is not enough help for the “The return to surplus will boost
third of Australian workers are being
millions of younger workers missing confidence that the economy is
robbed of around $2,000 a year by
out on basic super entitlements. back on track and will give builders
employers refusing to pay super.
The 2019-20 Budget has delivered the incentive to invest, create jobs,
generous changes to voluntary super “The Government could have made
hire more people and take on more
contributions, that will see Australians these issues a priority by paying super
apprentices,” Denita Wawn, CEO
aged 65 and 66 able to make voluntary on parental leave, and abolishing the of Master Builders Australia.
superannuation contributions, both $450 per month super threshold.
concessional and non-concessional, “Although the budget includes “Master Builders welcomes the
welcome additional funding to the Government’s announcements on
without meeting the ‘Work Test.’
ATO to recover unpaid super there new investment in skills, infrastructure
The new rules could theoretically allow and small business because they
is no commitment to align super
extra contributions of up to $500,000 are targeted at what’s needed to
with wage payments which would
for a couple. Industry Super Australia’s strengthen the economy,” she said.
address the source of the problem.
Deputy Chief Executive Matthew
“The government deserves credit for
Linden said the changes could help “In other measures Industry Super
heeding Master Builders call for the
those who have been unable to save Australia also strongly supports
instant asset tax write off scheme to be
enough for retirement but they could the announcement to extend
increased and expanded. Thousands of
also be used by those who have very permanent tax relief to merging
small business builders in communities
healthy super balances already. funds. There is likely to be significant
around the country will benefit from
fund mergers in the years ahead
“If this measure proceeds there the increase to $30,000 but more
and the tax relief will ensure
would be some justification to focus importantly the significant expansion of
members realise the full benefits.
benefits to those with inadequate the eligibility threshold to $50 million
super savings,” Mr Linden said. annual turnover,” Denita Wawn said.
»» article continues»» continued
“Likewise builders will strongly PROPERTY COUNCIL before dropping by 7 per cent in 2019-
back the additional investment OF AUSTRALIA (PCA) 20 and a further 4 per cent in 2020-21
to train an additional 80,000 new as existing projects are completed.
The Federal Budget and its growth
apprentices in industries experiencing “Australia’s housing sector is worth
projections are heavily reliant on
skills shortages including building $7 trillion – more than twice the size
Australia’s falling housing markets
and construction,” she said. of the share market – so Treasury
holding up, according to the
“Infrastructure investment right across Property Council of Australia. are right to flag the risks for the
the country, to build economic growth economy,” Mr Morrison said.
“This is a budget set for growth, but
nationally and in local communities “It also reinforces our warnings about
behind every number in the budget
is fundamental to the success of our the impact of changes to negative
is the unknown effect of the housing
industry and the economy. It will gearing and capital gains tax, particularly
downturn,” Mr Morrison said.
underpin economic growth in our at this uncertain time in the property
cities and regions many of which are “The headlines of surplus, cycle.” The Property Council welcomed
experiencing economic downturn. infrastructure and tax relief are the big increase in infrastructure
However, these projects need to welcome, but falling house prices are spending announced in the budget.
be fast tracked so that work can clearly Treasury’s economic wildcard.
“The Budget delivers a $100 billion
commence and be accessible to local “The Government and the Parliament investment over the decade to meet
businesses,” Denita Wawn said. must have a laser-like focus on the needs of our growing cities and
“While there was good economic the housing sector and be ready regions, including projects to break
news in this budget, Master Builders with a contingency plan if these urban congestion and improve regional
is concerned that Treasury, in line forecasts aren’t met.” The Budget connections,” Mr Morrison said.
with Master Builders forecasts, papers highlight the downside risk
of a further deterioration in housing “The personal income tax cuts
predicts a seven percent decline in targeted at low to middle income
housing investment. This reinforces prices on dwelling investment and
earners should provide some relief
the need to ensure that all housing household consumption, noting that if
from cost of living increases.
consumption dropped one per cent as
investment incentives remain
a result, this would shave a quarter of “The measures targeted at small
intact,” Denita Wawn said.
a per cent from GDP growth. Treasury to medium size businesses will
says new dwelling investment will also provide some much-needed
only grow 0.5 per cent this year, confidence,” Mr Morrison said.
»» article continues»» continued
The Budget papers highlight the strong into functioning, liveable globally The injection of $3 billion into the
contribution made by the property competitive urban icons.” Urban Congestion Fund, a $2.2 billion
industry in the pick-up in non-mining Road Safety Package as well as an
“We remain concerned however,
business investment which grew by additional $1 billion for the next phase
that there were no direct new
9.7 per cent in 2017-18, compared of the Roads of Strategic Importance
housing announcements contained
to average annual growth of 1.5 per initiative will propel congestion
in the budget last night that
cent over the previous decade. busting measures to improve our
directly target unlocking more
Investment in non-residential buildings daily commute and ultimately
affordable housing supply and
made a particularly large contribution quality of life for the community.
diversity. The development industry
to business investment, including contributes around half a trillion The additional $23 billion of new
investment in hotels and aged dollars to the Australian economy funding in 2019-20 for projects
care facilities while office building and a well-functioning industry is and initiatives will benefit
activity also lifted during 2017-18. crucial to the continued economic every state and territory and
prosperity of this country. provide local job opportunities
URBAN DEVELOPMENT for every day Australians.
“Infrastructure has dominated
INSTITUTE OF AUSTRALIA
the Budget, delivering new major “Whilst the initiatives are impressive,
Federal Budget delivers a infrastructure funding commitments they haven’t gone far enough to
plan for our growing cities of a record $100 billion over a decade, address Australia’s current housing
but falls short on housing new future Cities Deals, sought-after crisis and affordability.” With the latest
The 2019-20 Federal Budget has tax cuts and is accompanied by a well- census showing how homelessness
been heralded as ‘a budget for the considered and funded Population has increased by 14% nationally
taxpayer, complete with congestion Plan with $23.4 Billion provided and by 22% for people between 19
busting measures that will future proof for a new Centre for Population.” and 24, we are putting a generation
Australia’ for generations to come. at risk of ever being able to afford
“We welcome the rolling
to buy or event rent a home.
UDIA National President Darren infrastructure plan to help manage
Cooper states, “Australia’s growth our growing population, meet “UDIA has long since advocated for
and population-induced city our national freight challenge and a coordinated, cohesive approach
infrastructure pressures, has created get Australians home sooner and which is detailed in our National Policy
a crucial opportunity for the Federal safer with a view to realising our Agenda. Our overarching 6 pillared
Government to re-shape our cities 30-minute city concept,” he added. policy with solutions is aimed at
»» article continues»» continued
reducing the housing affordability “Build-to-Rent housing is already a
dilemma, examining the barriers to globally proven housing choice option
supplying new homes, and outlining for people who rent their home and
what governments at all levels must can be instrumental in addressing
do to create long lasting solutions.” housing supply in Australia with the
right policy settings,” said Mr Cooper.
“Our State of the Land report last
week forecast alarming shortfalls Build-to-rent assets should also be
in potential housing supply with made eligible for the 15 percent
a 400% increase in the rate of managed investment trusts
abandoned multi-unit dwellings (MIT) withholding tax rates.
across the combined capital cities,
“We would also like to see a review of
in the past 12 months, putting
the 50% foreign ownership investment
even greater pressure on the
cap in new developments because
rental supply market. Now it is
attracting international funds is crucial
even more important to introduce
to improving housing supply, whilst also
measures which will boost housing
contributing to government tax revenue.
supply and diversity not deter it.
“While the highly anticipated tax
“We would like to see initiatives
cuts will give Australian’s more
to incentivise the states by linking
disposable income to immediately
federal funding to state government
relieve cost of living pressures, they
performance on planning and
do little to provide sufficient funds
overall property tax reform in
to improve people’s prospects of
addition to meeting the required
affording to purchase a home.”
housing supply targets., This also
includes rezoning land for higher “We will continue to advocate
density housing around railway initiatives which build on measures
stations or areas of high jobs to ultimately provide more certainty
growth, and the development of a and efficiency within the property
national process for the promotion industry that improves housing supply
of build-to-rent housing. and affordability,” Mr Cooper said.Getting your customers Fixed rate loans with 100% offset plus additional repayments
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brokers.adelaidebank.com.au
Adelaide Bank a Division of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL/Australian Credit Licence 237879. (1282840-1282833)(03/19)This article is brought
to you by Simon Disney
Senior Media & PR Manager,
Bendigo and Adelaide Bank
BENDIGO BANK CUSTOMERS
T O B E N E F I T F R O M I N S TA N T
H O M E L O A N T I C O F A P P R O VA L
Some of the older hands around the REIA network may remember
Simon Disney, who was National Public Affairs Manager for REIA in BENDIGO EXPRESS
2001-02. We saw his name at the bottom of a press release recently Bendigo and Adelaide Bank’s
announcing the launch of an ‘instant home loan’, so we gave him a partnership with Tic:Toc allows
the Bank to offer customers a
call to catch up and find out what he’s been up to as Senior Media
streamlined digital fulfilment
and PR Manager at Bendigo and Adelaide Bank. process, bringing significant
efficiencies in the way the Bank
REIA Good to see you again REIA Bendigo Bank is more than can originate home loans. The
Simon it’s been quite a journey. 160 years old and banking is changing automated assessment strips
rapidly – so how are you changing? cost from the process and
SD It certainly has! When I left REIA
delivers higher responsible
I took up a position as Media Manager SD Some things never change, like
lending standards via inbuilt
at IFSA, which became the Financial our commitment to customer service
reg-tech and digital validation
Services Council and after seven years excellence and feeding into community
of income and expenses.
there, I joined Bendigo Bank to help prosperity not off it, but our new
launch its Wealth Division before Managing Director, Marnie Baker has
moving across to the Group PR and tasked us all with building Bendigo
Media Team a couple of years ago. and Adelaide Bank to be Australia’s
It’s been fantastic and I particularly bank of choice. We’re firm believers REIA That’s a big step forward in
love being able to see daily what in partnering. It’s in our DNA and how home loans are delivered.
our Community Bank® network the most recent example of that is Providing customers with certainty
is giving back to the surrounding Bendigo Express. Recently announced more quickly using innovative
communities in which they operate. together with Tic:Toc. Bendigo technology is certainly impressive.
You’ll be happy to know that we Express uses Tic:Toc’s proprietary
now have Bendigo Bank partners technology to power an instant home SD Indeed. We’re committed to allowing
operating in nine real estate agencies loan and makes Bendigo Bank the customers to interact with us however
around the country too which is first Australian bank to offer a digital they choose, and for some, this will be
fantastic for smaller communities home loan application and assessment the ability to still walk into a branch or
no longer serviced by the big four. process under its own brand. agency and for others a preference for
»» article continues»» continued
phone and internet banking or even retirement savings model assumes REIA And the Adelaide Bank
in a complete digital environment. that people own their own home when side of the business?
Bendigo Express is another example they finish working and access their
SD Adelaide Bank is our third-party
of the type of innovations our Bank is superannuation, it’s vital that we get
banking specialist and has been a
bringing to customers as the market home ownership rates in Australia back
supporter of the REIA Secretariat via
leaders in customer experience. We’re up again. I don’t think I’d like to be 70
our sponsorship of the Adelaide Bank/
committed to investing in new capability and renting. Investors are being very
REIA Housing Affordability Report for
and innovation for our customers and cautious, many have difficulty getting
several years. The team has been really
making it easier for them to engage finance and other potential investors
busy during December and January. In
with our bank in our fast-paced world. are waiting to see the outcome of the
fact, I was speaking to Darren Kasehagen
Federal election. Properties that have
REIA Do you still keep an our new Head of Third Party Banking
been out of the reach of first home
eye on our industry? while he was in Sydney recently and
buyers in outer suburbs for years – are
he was surprised at the level of activity
SD Absolutely. I really enjoyed my now in some cases – within reach.
over what is a traditionally quiet time of
time at REIA and of course, we sponsor
REIA Which is good news in terms year. Darren, along withwith Amanda
the Adelaide Bank/REIA Housing
of future ‘social security’? James, recently appointed as Head of
Affordability Report – so I’m right
Broker, are our ‘dynamic duo’ on the
across that. My time at REIA gave me a SD Yes – but bear in mind that this
Adelaide Bank leadership team and are
sound understanding of the real estate market is far more likely to pit FHB’s
committed to servicing the growing
industry and the commitment of REIA to against FHB’s who often buy with
network of mortgage brokers and
improving the image and professionalism their heart – unlike investors who are
mortgage managers around Australia.
of the industry in the public mind and in often focussed solely on rental return
Getting back to our Group commitment
the eyes of our elected representatives. and capital gain and buy with their
to consumer choice, there is a growing
It’s important to maintain a presence head. It’s by no means ‘easy pickings’.
preference for some of our customers
in Canberra and to keep the lines of While investors play a crucial role in
to use a mortgage broker to secure a
communication open on Capital Hill – the housing sector and the economy
loan and Adelaide Bank is dedicated
across political lines all year round. generally, it is pleasing to see more of
to servicing those who choose to go
the FHB vs FHB competition playing
REIA Anything catching down the mortgage broker path to
out. In a pitched battle for a first
your eye at present? home ownership. Adelaide Bank are
home, winning the keys will often come
specialists in bridging finance too, which
SD I suppose the changing mix in buyers. down to a case of who is ‘first with
is also something they do very well.
General consensus seems to be that the finance’ between FHB’s or down-sizers.
East Coast residential property markets If FHB’s find a place they love at an REIA Thanks for the update Simon,
in particular are now being contested open, strike swiftly! You can read how good to catch up with you.
by FHB’s VS FHB’s, rather than FHB’s VS a young woman in Victoria recently
SD Likewise, always a pleasure.
Investors. I see that as a positive. First used the online technology powering
home buyers have been missing out our new Bendigo Express platform to
for quite a few years now and when get a home loan and buy her new home
you consider that pretty much every during her morning tea break here.N AT I O N A L N AT I O N A L
MARKET AFFORDABILIT Y
SNAPSHOT SNAPSHOT
EXTRACTED FROM REAL ESTATE MARKET FACTS EXTRACTED FROM ADELAIDE BANK/REIA HOUSING
DECEMBER QUARTER 2018 AFFORDABILITY REPORT, DECEMBER QUARTER 2018
Quarterly Australian weighted Dec Sep Dec
median house price is $733,438 2018 2018 2017
Quarterly Australian weighted median Proportion of family income to meet:
other dwellings price is $570,905 Home loan repayments 31.2% 31.1% 31.6%
Rent payments 24.0% 23.9% 24.5%
Median house prices up:
Hobart 5.8% to $502,750 NSW New South Wales had the
Adelaide 0.5% to $475,000 largest increase in rental
Median house stable: affordability over the quarter.
Perth 0.0% to $500,000 VIC Median weekly family income
Median house prices down: increased the most in Victoria (0.7%).
Canberra -0.1% to $665,000 QLD Queensland had the largest decrease
Darwin -0.8% to $493,750 in the number of new loans.
Brisbane -0.9% to $530,000 SA In South Australia had the
Sydney -3.2% to $1,062, 619 largest increase in loan amount
Melbourne -3.7% to $796,500 to first home buyers.
Median other dwelling prices up:
WA Western Australia had 0.5 percentage
Adelaide 4.2% to $359,000 point increase in rental affordability.
Hobart 0.1% to $365,500
Median other dwelling prices down: TAS Tasmania had the largest rise in
monthly loan repayments (7.2%).
Darwin -0.7% to $350,000
Brisbane -1.2% to $400,000 NT Housing affordability improved
Melbourne -1.7% to $589,000 in the Northern Territory with
Canberra -1.8% to $442,000 proportion of family income
Sydney -3.3% to $702, 012 required to meet loan repayments
Perth -5.1% to $375,000 decreasing 1.5% percentage points.
ACT The Australian Capital Territory had
the largest increase in the number of
loans to first home buyers (34%).Have your glass windows ever been broken? As a real estate agent, running your own agency can be an exciting and rewarding experience, however it’s important to consider the risks that come with it. Ask yourself: • Have you ever lost or damaged your work phone or laptop? • Have you ever had water damage to your premises? • Has a client ever injured themselves at your business premises? Accidents and mistakes can happen, so it’s helpful to have business insurance cover in place to help foot the bill, so you can continue to run your business and reduce financial loss. Contact Aon today for a quote 1800 377 712 au.realestate@aon.com © 2019 Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL no. 241141. The information contained in this communication is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations in this communication in relation to the insurance products we arrange are subject to full terms and conditions of the relevant policy. Please contact us if you have any queries. AFF0727AE 0319
W H AT W O U L D H A P P E N
I F YOUR PRO PER T Y WA S
T H E N E X T O PA L T O W E R?
When news broke of Sydney’s Opal Tower by having good processes in place and The Final Piece of the
in late 2018, landlords and Property being vigilant about record keeping.
Managers across Australia shared a
Puzzle: Insurance
We’ve compiled some helpful tips for
collective shudder. While it’s common for both landlords and Property Managers: Putting in place these strategies can
things to go wrong in a rental property help you to minimise risk, however
– whether it’s a tenant skipping rent or 1. Hold regular property inspections: unfortunately it’s hard to eliminate risks
causing accidental property damage These are a vital step in any property all together. Mistakes are a fact of life,
– the story of cracks in this high-rise management routine, as they allow you and as we’ve seen with the Opal Tower,
residential property took the risks as a to identify any building defects or issues it’s impossible to protect your rental
Property Manager to a new level entirely. and organise for maintenance and property against every possible scenario.
repair of defects in a timely manner.
The reality of property management That’s where Landlord insurance can
today is that emerging risks are plentiful. 2. Document all inspections and help; it can provide you with some cover
From the increasingly common issue of maintenance (and provide copies to for the common risks associated with
poorly constructed buildings (such as in the landlord and tenant): Record the your rental property - the final piece
the case of the Opal Tower), to injuries outcomes of every inspection with of the property management puzzle.
to guests at an unauthorised party held a formal report such as an Entry (or
Exit) Condition Report that contains
at an Airbnb property or an illegal meth
detailed descriptions and supporting
We’re by your side
lab on a rental property…Let’s just say
it’s a challenging time to be a landlord. photographs. Similarly, document If you would like to learn more about
any routine property inspections minimising your risk or discuss your
Perhaps most devastatingly, the Opal
and specify any maintenance and insurance coverage, please contact Aon.
Tower situation has revealed to us first-
repairs that occur to the property. »» Aon has taken care in the production of this
hand the damage that can be caused when
landlords are not appropriately insured. 3. Formalise any agreements in article and the information contained in it has
As owners of Opal Tower apartments writing: If an issue or dispute been obtained from sources that Aon believes
arises, written documentation will to be reliable. Aon does not make any
have been frantically chasing tenants for
be critical to support or negate a representation as to the accuracy of the
rent – tenants who are not actually able
claim, so it pays to take the time information received from third parties and is
to live in the building while cracks are unable to accept liability for any loss incurred
present – the value of landlord insurance to keep clear notes to document
by anyone who relies on it.
has become increasingly visible. any discussions or agreements.
4. Try to document all correspondence The information contained in this article is
So, what can you do to ensure you’re
via email: If verbal instructions are general in nature and should not be relied on
protected against whatever risks might as advice (personal or otherwise) because
face you and your properties? given, create a file note to clearly
your personal needs, objectives and financial
document the discussion and include
situation have not been considered. So before
the date and time for when it took
Protect against the common place. Try to re-use words if possible.
deciding whether a particular product is right
for you, please consider the relevant Product
and emerging risks 5. Keep your Property Management staff Disclosure Statement or contact the Aon team
There are a number of obvious things up-to-date: If you manage a Property on 1300 734 274 to speak to an adviser.
that landlords and Property Managers Management team, ensure that you
Aon Risk Services Australia Limited
can do to reduce risks, like screening provide induction for all new staff on | ABN 17 000 434 720 | AFSL 241141
tenants, monitoring rent collections agreements, policies and procedures,
and ensuring that bonds are lodged continually update them with any new
correctly. But what’s often overlooked changes and hold regular refresher
is the importance of keeping up-to-date training to reinforce adherence.You can also read
