Invest
PM to give grants for home renovations
Prime Minister Scott Morrison has outlined more of his plan to get the economy moving again post-COVID-19, with the construction and entertainment sectors likely to get an economic boost.
PM to give grants for home renovations
Prime Minister Scott Morrison has outlined more of his plan to get the economy moving again post-COVID-19, with the construction and entertainment sectors likely to get an economic boost.
Under the recovery plan, new household construction and major renovation projects could get a grant from the government.
The plan could also see households given cash to spruce up their own home, with grants for renovations likely to help kickstart the construction sector.
During an interview with the media, Mr Morrison said it will support jobs, although he highlighted the dangers from a health and safety perspective as well as people trying to rort the system.
“We are more interested in larger projects and new home builds because, as you get beyond September, we are looking at a bit of a drop-off.
“Another thing about these sort of projects is that you’re going to get more of your local tradies in,” Mr Morrison said.
He also announced major funding projects, including an earlier start on Sydney’s second airport metro line.
“We will start it this year. We are both excited about that. A big part about coming out of the COVID-19 crisis is our infrastructure spending,” he said.
“Getting these big projects moving even more quickly is something that states, territories and the Commonwealth have been working together [on],” Mr Morrison noted.
Mr Morrison also said that the entertainment industry will likely receive a timely boost through targeted assistance.
“We are still working on those things. One of the challenges will be the entertainment sector will find it difficult to get capital moving again because they have had to draw down so significantly, so getting started will be hard.”
“We are looking at issues like that. We are looking at the film industry, and we want to ensure we are getting those sectors moving again,” Mr Morrison concluded.
RELATED ARTICLES
About the author
About the author
Economy
RBA May Consider Early Rate Hike Amidst Economic Growth and Inflation Concerns
Australia's economic landscape is witnessing a dynamic shift as the Reserve Bank of Australia (RBA) grapples with the implications of recent growth figures and inflationary pressures. The latest GDP ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
RBA May Consider Early Rate Hike Amidst Economic Growth and Inflation Concerns
Australia's economic landscape is witnessing a dynamic shift as the Reserve Bank of Australia (RBA) grapples with the implications of recent growth figures and inflationary pressures. The latest GDP ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
