Budget delivers building industry confidence

Tradies and builders in the nation’s $200 billion building industry are big winners from the Budget, according to MBA CEO Wilhelm Harnisch.

“This Budget should act to underpin a boost in building industry confidence through targeted growth measures and a credible budget repair strategy to take Australia into the next decade. 

“It provides the settings that will enhance the capacity to strengthen the nation’s economic stability, future growth path and greater investment — fundamental requirements for a strong building industry. The various budget measures will allow the building industry to play a positive role in the rebalancing of the economy.

“The government has delivered on Master Builders’ calls for fiscal and industry policy settings that are targeted and realistic. It will boost confidence and should bring forward economic activity, investment, growth and jobs in the building industry.

“Measures to cut company tax rates for SMEs and the expanded tax write-off will be an immediate shot in the arm for builders, particular in the equipment-intensive building industry. Other measures — including the government’s plan to reduce company tax progressively to 25% over the next decade, the continued rollout of the $50 billion infrastructure package, confirmation that there will be no change to negative gearing and the $840 million youth employment package — will also boost confidence and jobs,” Harnisch said. 

“Overall, the Budget has delivered for business by setting out a credible economic strategy that deserves a chance to succeed. Confidence and stability are the essential foundations for growth in new housing and new investment in the commercial construction sector.

“The building and construction industry needs confidence and certainty. Master Builders is calling for bipartisan support for the key measures in this Budget,” Harnisch said.