Latest news with #HousingandProductivityContribution
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
NSW needs to build thousands more homes. Developers say this change will help
The NSW opposition has seized on proposed changes to the way developer contributions are used to criticise the state government for offloading the responsibility for building basic infrastructure, while property developers say the shake-up will advance the delivery of greenfield developments. Premier Chris Minns on Thursday released long-awaited draft guidelines for a scheme that enables property developers to choose between paying a $12,000 levy per residential lot, or delivering infrastructure such as parks and roads as a 'works-in-kind' contribution for new developments. The changes underscore debate about the provision of infrastructure in fast-growing parts of Sydney, as the state government seeks to ramp up the delivery of desperately needed housing stock. Developers will be able to dedicate land for public purposes or deliver infrastructure projects, rather than paying through the Housing and Productivity Contribution. The government introduced the contribution as a tax on new developments across Sydney, the Illawarra, Hunter and the Central Coast to replace the existing Special Infrastructure Contributions scheme in 2023. The state government hopes the proposed guidelines will improve the feasibility of greenfield developments, as developers will not be required to hand over significant amounts of cash before the issue of the first construction certificate or throughout the development approval process. Loading Urban Development Institute of Australia chief executive Stuart Ayres said the absence of a works-in-kind framework for the past couple of years had been a roadblock to starting construction on new homes. 'In the middle of a housing crisis we need more green lights for housing. This will take the pressure off the taxpayer and allow developers across the state to use their own capital to fund critical infrastructure, and that means projects can get rolling much earlier.' But Opposition Leader Mark Speakman said the draft scheme was 'an admission that Labor can't build the infrastructure needed to support housing – so now they're begging the private sector to do it instead. But the $12,000 tax per home still exists, driving up costs and driving down supply.
The Age
2 days ago
- Business
- The Age
NSW needs to build thousands more homes. Developers say this change will help
The NSW opposition has seized on proposed changes to the way developer contributions are used to criticise the state government for offloading the responsibility for building basic infrastructure, while property developers say the shake-up will advance the delivery of greenfield developments. Premier Chris Minns on Thursday released long-awaited draft guidelines for a scheme that enables property developers to choose between paying a $12,000 levy per residential lot, or delivering infrastructure such as parks and roads as a 'works-in-kind' contribution for new developments. The changes underscore debate about the provision of infrastructure in fast-growing parts of Sydney, as the state government seeks to ramp up the delivery of desperately needed housing stock. Developers will be able to dedicate land for public purposes or deliver infrastructure projects, rather than paying through the Housing and Productivity Contribution. The government introduced the contribution as a tax on new developments across Sydney, the Illawarra, Hunter and the Central Coast to replace the existing Special Infrastructure Contributions scheme in 2023. The state government hopes the proposed guidelines will improve the feasibility of greenfield developments, as developers will not be required to hand over significant amounts of cash before the issue of the first construction certificate or throughout the development approval process. Loading Urban Development Institute of Australia chief executive Stuart Ayres said the absence of a works-in-kind framework for the past couple of years had been a roadblock to starting construction on new homes. 'In the middle of a housing crisis we need more green lights for housing. This will take the pressure off the taxpayer and allow developers across the state to use their own capital to fund critical infrastructure, and that means projects can get rolling much earlier.' But Opposition Leader Mark Speakman said the draft scheme was 'an admission that Labor can't build the infrastructure needed to support housing – so now they're begging the private sector to do it instead. But the $12,000 tax per home still exists, driving up costs and driving down supply.
Perth Now
3 days ago
- Business
- Perth Now
Everything we know about NSW budget
NSW Treasurer Daniel Moohkey will hand down the Labor government's third budget on Tuesday, with billions of dollars already announced for housing, schools, and police. The budget comes as NSW continues to grapple with a dire housing market following the failed sale of the Rosehill racecourse for what would have been 25,000 new homes. While Premier Chris Minns is yet to reveal his government's 'Plan B' for large-scale housing near the Sydney CBD, he has unveiled plans for expanded crisis housing. The NSW government will also splash hundreds of millions of dollars in the budget on new schools, police and law reform and on the new Bankstown Hospital. NSW Treasurer Daniel Moohkey will unveil the next budget on Tuesday. NewsWire/ Gaye Gerard Credit: News Corp Australia Housing NSW Labor will extend tax concessions for build-to-rent housing developments and invest in crisis and homelessness accommodation as part of the 2025-26 budget. Aimed at giving investors long-term certainty, the extension will result in owners being able to access land tax concessions of 50 per cent of assessed land value indefinitely. The reduction was previously set by the former Coalition government to end in 2039, with the extension improving 'feasibility of build-to-rent developments' in NSW. Proposed 'work-in-kind' agreement guidelines will also be released as part of the budget. The agreement allows a developer to dedicate land for public purposes or deliver an infrastructure project instead of paying a Housing and Productivity Contribution. A further $30.4m will be invested as part of the budget into ensuring 'more vulnerable people can access homelessness services and find a safe place to live'. It includes $20m to expand existing crisis and transitional housing, delivering more beds and frontline support to help people in urgent need. A further $10.4m will also be spent over four years on the Bill Crews Foundation, which provides free meals, healthcare, and social and welfare support to people in need. Schools The state government will spend $9bn over four years on school infrastructure, including $2.6bn in the next financial year. The funds will go towards new primary schools in Emerald Hills, Grantham Farm and West Dapto and a high school in Wilton. Major upgrades will also be delivered to public schools across Greater Sydney, including in Newington, the Northern Beaches, Rydalmere, and Bayside. The investment will deliver about 140 new classrooms for about 2500 students, with the Emerald Hills school, near Leppington, to open for more than 500 students. A sketch of the proposed new Bankstown Hospital. Supplied Credit: Supplied The site for the proposed hospital. Supplied Credit: Supplied Police and justice The state government will spend $227m on the NSW justice system as part of the 2025-26 budget. The package includes $100.5m to address rising demand in the correctional system as well as $34.5m for upgrades to the Downing Centre and John Madison Tower courts. A further $48.3m will be spent on the Office of the Director of Public Prosecutions to fund additional solicitors, 'allowing for more prosecutions'. More than $12m will be spent on 15 staff within the Child Sexual Offence Evidence Program and other measures to reduce the burden on child complainants in sexual offence matters. A further $272.7m will also be spent on frontline domestic, family, and sexual violence services as well as $2.3m for the NSW Victims Register reforms. As for police, a further $42m will be spent on a new Nemesis Marine Area Command vessel. Singleton Police Station precinct will also get $8.7m for upgrades. As for emergency responses, $17m has been allocated over two years for additional firefighting appliances, including fire trucks. Health A new $492m NSW Health Pathology Statewide Hub will be funded as part of the 2025-26 hub will be located within the Westmead Health Precinct and include a new build for the Institute of Clinical Pathology and Medical Research. It will also include an upgrade to the high security PC4 biocontainment laboratory – the only one of its kind in NSW. Western Sydney The NSW government will invest in a range of measures across Western Sydney as part of the 2025-26 budget, including the new Western Sydney Airport. The Western Sydney Aerotropolis, the business precinct to adjoin the new airport, will receive $835m as part of the new budget. That will feature $150m for road infrastructure, including about $60m for new green directional signs to the airport across Sydney and incident response. Bankstown's new hospital will also get a whopping $700m in additional funding in the budget, blowing out total construction costs to $2bn. A further $100m will also be spent in relocating the TAFE NSW Bankstown campus to enable construction of the new hospital. The budget is the third for Premier Chris Minns. NewsWire/ Gaye Gerard Credit: News Corp Australia The Minns government will chip in $68m and the Albanese government a further $88m on local roads in Sydney's booming northwest. The funds will go towards to planning and development of critical road upgrades in Rooty Hill, Marsden Park, Schofields, Blacktown, and Rouse Hill. A further $42.2m will also be spent on hiring 52 new firefighters to staff the new Badgerys Creek fire station. Arts and film The Minns government will invest $100m in a capital fund to begin the hunt for the location of a second film studio for Sydney as part of a $380m arts and film package. The package includes $280m for programs to support the sector, including the Made in NSW fund and Post, Digital and Visual Effects and Digital Games Rebate programs. There is only a single film studio in Sydney, Disney Studios Australia at Moore Park, despite franchises such as Thor, Mad Max, and Planet of the Apes being made there. Agriculture and biosecurity About $140m in new funding will be provided to strengthen NSW's biosecurity detection, protection, and response, bringing the total investment to a whopping $1.05bn. That will include $41.2m to be invested into modernising the primary industry research and development program. Those programs include upgrades to digital infrastructure to promote research in emerging areas such as AI-assisted farming.
