GMCU chief executive Ged Smith said commitments, such as an $86.5 million package to combat scams and online fraud, which includes $58 million to build the National Anti-Scam Centre; the building of one million new, well‑located homes over five years from 2024; tax breaks for build‑to‑rent projects; and increasing the liability cap of the National Housing Finance and Investment Corporation by $2 billion to support more lending to community housing providers were worthwhile initiatives.
“I would also say, from a regional perspective, it’s really pleasing about the cost-of-living relief with energy price relief, healthcare support and the energy upgrade assistance for certain loans etc, so that’s really good, but when you look at housing and the opportunity for housing, certainly we’re going to see the home guarantee scheme improved,” Mr Smith said.
“I certainly think that all the opportunities being put forward will help to reduce the pressure of the housing market.”
Mr Smith said he was pleased to see the government take measures that would allow more people to qualify as guarantors for housing loans, helping more people get into the housing market.
“It’s the expansion of that scheme to include single legal guardians of children, such as aunts and uncles, to help guarantee that scheme so that expands their ability to go in as guarantors, but also NHFIC (National Housing Finance and Investment Corporation — home guarantee scheme and the regional first home buyer guarantee), as it’s known, the government’s providing $2 billion extra,” he said.
“So it will increase the liability cap to $7.5 billion and that will expect to support the supply of 7000 more social and affordable dwellings, so that’s a really pleasing opportunity and also, the government is encouraging investment around build-to-rent accommodation so they actually build, increasing the depreciation rate from 2.5 per cent to four per cent every year for eligible new build-to-rent projects.”
Mr Smith said he was also pleased to see the Federal Government turn greater attention to scams, saying it is an important development, as scams cost everyday Australians millions every year.
“The number of scams that are in the market place with the ‘Hey Mum and Dad scam’, the imposter scams around Telstra, that’s a really good admission into the budget, which will help keep Australians safe online,” he said.
“The budget’s actually doing a couple of things, $134.1 million over four years to the office of eSafety Commissioner, which includes support to keep Australians safe online.
“Across industry there’s huge awareness of scams, particularly around telephone scams, SMS scams, which is why the government is also investing in the SMS sender ID registry.
“That will actually help to identify or block criminals from sending texts and appearing to be from agencies like the tax office, MyGov and Australia Post.”
Mr Smith said the funding for the National Anti-Scam Centre would help institutions such as the GMCU keep their customers safe.
“It’s going to improve the data sharing around scams across government and private sector so that we can get in front of this, so GMCU, for example, can give greater education and awareness to its members about the potential of scams in market, so that’s where it’s really going to help local organisations as well,” he said.
Whether the budget leads to inflation increasing, as some critics have suggested, Mr Smith said that remained unclear.
“It’s certainly a wait and see in terms of whether the budget will actually help inflation (reduce it) or hinder inflation (increase it),” he said.
“Certainly it’s a well-balanced budget and the intent of the budget, from my perspective, is to try and provide cost-of-living relief without adding to inflation.”