SLOMO’S BUILD-TO-RENT DEBACLE MUST END NOW

It’s now ten months and the tumbleweeds continue to roll in relation to Scott Morrison’s unilateral ban on the ‘build-to-rent’ sector with multi-billion dollar ramifications for the Australian property market.

 

The benefits of the build to rent are obvious, it will increase housing supply and increase the stock of rental accommodation – all housing affordability experts agree that’s a good thing.

 

Treasury has since confirmed this silence and inaction, with an answer to a question on notice from Senate Estimates stating that the ban, as announced, took effect from 4:30pm on 14 September 2017, and that legislation enacting the unilateral change has not entered the parliament but its introduction is a “matter for the Government”.

 

It will be eleven months since this policy by press release was enacted before Parliament resumes in mid-August. Legislation seeking to enact these changes should be introduced upon Parliament’s return so we can properly debate and deliberate upon the future of build to rent and give the property sector the certainty to get on with the job to invest and build.

 

The NSW Coalition and Victorian Labor Government support the build-to-rent sector, so this is no partisan issue. Scott Morrison needs to explain why he is so determined to destroy the growth and jobs and housing supply opportunities that build-to-rent offers.

 

Scott Morrison is treating the property sector with utter contempt and a disregard, and it’s bad for certainty and investment.

 

Mr Morrison likes to think he knows the Australian property sector well and so he should acknowledge he got this call horribly wrong – if there’s a backflip coming, he should just hurry up and get on with it. Labor, for one, would welcome it.