Submissions

The Real Estate Institute of Australia (REIA) maintains a strong relationship with Federal Government, bureaucrats and the media, through formal and informal lobbying and the release of policy statements and research on a range of property, taxation and economic issues. The institute continues to identify, formulate, encourage and promote public policies that contribute to an economic and political environment favourable to the real estate profession and small business generally.

REIA regularly makes submissions to government on a range of issues likely to impact real estate practice and the property market. It also responds to discussion papers released by government.


 

  • Pre-Budget Submission 2016/17

    REIA presents the following to the Government for consideration:

    • That the Government establishes a mechanism to ensure the availability of reliable data on housing demand and supply in order to formulate appropriate policies and to monitor their effectiveness
    •  That the Government ensures that data on first home buyers is reliable
    •  That the Federal Government takes a leadership role in urging all states and territories to take the same approach to the provision of assistance to first home buyers regardless of whether the dwelling is new or established
    •  That the Government establishes a scheme to encourage young Australians to have access to their superannuation for the purpose of raising a deposit for a first home
    •  An improvement in the supply of housing for social housing tenants transitioning to private rental by utilising private investment.
    •  That the Government take a leadership role in abolishing stamp duties and seek to have an agreed timing across all states and territories
    •  That negative gearing be retained in its current form for the purpose of property investment.
    •  That capital gains tax on property investments is not increased
    •  Ensure that funding of the Industry Skills Fund is adequate to meet all skills shortages.

     

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  • Budget 2015 Briefing

    The Government describes the 2015 Budget as one that is designed to boost jobs, growth and opportunity. It is further described by the Government as one focused on small business, better child care and measures that improve fairness. At the heart of this package are several measures totally $5.5 billion designed to benefit small business. This package is largely comprised of $5 billion in estimated tax relief. Further details of this package are included within this document.

    Pleasingly, there are no changes to the current negative gearing or capital gains tax arrangements.

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  • Pre Budget Submission 2015/16

    REIA presents the following to the Government for consideration:

    • That conveyance stamp duties be abolished and replaced by an efficient source of revenue for states and territories.
    • That negative gearing be retained in its current form to encourage property investment.
    • That capital gains tax on property investments is not increased.
    • That the Government take a leadership role in introducing a uniformed approach to the provision of assistance to first home buyers for both new and established homes.
    • That the Government establish a scheme to encourage young Australians to have access to their superannuation for the purpose of raising a deposit for a first home.
    • That the Government establish a mechanism to ensure the availability of reliable data on housing demand and supply to assist in formulating effective policies.
    • That the Government continue to fund the Industry Skills Fund to meet all skills shortages.
    • The Government better utilize private investment to improve the supply of housing for social housing tenants transitioning to private rental.

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  • Harper Review into Competition Policy

    REIA makes the following recommendations:

    • That an overarching review of Intellectual Property and its impact on competition, particularly as it relates to small business, be undertaken by an independent body, such as the Productivity Commission.
    • One of the areas that the Productivity Commission review should examine is the use of trade marks for website domain names.
    • The current governance structure of the ACCC is maintained.
    • The Competition and Consumer Act 2010 be amended to introduce greater flexibility into the notification process for collective bargaining by small business.

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  • Industry Skills Fund

    REIA makes the following recommendations:
    • That eligibility for funding under the Industry Skills Fund be on the basis of skills shortages rather than industry based
    • That the Department of Industry collaborates with industry sectors in identifying skills shortages
    • That funding arrangements be on the basis of two categories of business size
    • That business categorisation be on the basis of workforce size

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  • REIA MURRAY INQUIRY INTERIM REPORT SUBMISSION

    REIA makes the following recommendations:

    • That the risk weights for insured loans be reduced.
    • That the current arrangements regarding negative gearing remain unchanged
    • That a data base be developed to reduce information asymmetries between lenders and borrowers.
    • That the current arrangements regarding leveraging by superannuation funds remain unchanged.

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  • REIA VET Standards Submission

    REIA makes the following recommendations

    • The standard for undertaking assessments of RTOs takes into consideration the practicalities of having the assessment undertaken by person/s that are not directly involved in the training or assessment delivery of that qualification and have: a) vocational competencies b) current knowledge and skills in teaching and learning, and c) training and assessment qualifications
    • The standards for RTOs provide for a person with professional skills, under the supervision of the RTO management, to undertake training and assessment in their field of expertise without the requirement of training qualifications
    • The standards for VET Regulators provide for a requirement that auditors should also have some knowledge of the industry and the skills relevant to the assessment.

     

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  • REIA Foreign Investment Submission

    In noting that the objective of Australia’s foreign investment policy, as it applies to residential property, is to increase the supply of new housing, REIA’s submission seeks to analyse the available data to test whether foreign investment is directly increasing the supply of new housing which would benefit not only home seekers but also the domestic construction building industry. REIA’s submission also explores whether the administration and compliance of Australia’s foreign investment policy relating to residential property can be enhanced.

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  • REIA Pre-Budget Submission 2014-15

    The REIA seeks Government consideration of ten specific matters as part of the preparation of the Federal Budget 2014/15.

    The two focuses of REIA’s proposals are housing affordability and the rapid decline in the number of first home buyers. The REIA also proposes that the decline in the standards of delivery of vocational education are addressed and that adequate data on the supply/demand imbalance of housing is available for informed decision making by policy makers and stakeholders.

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  • 2014 Senate inquiry into Affordable housing REIA submission

    REIA made its submission to the Senate Economics Reference Committee Inquiry into Affordable Housing. REIA recommended that:

    •   all states and territories either recommit to the IGA in Federal Financial Relations Schedule A, which states that assistance to first home buyers, whether a grant and/or stamp duty concessions, will be “uniform” and that “an eligible home will be new or established”
    •  or sign a new IGA; that the Commonwealth Government assesses the various schemes that assist first home buyers overseas, with the view of establishing a scheme(s) to encourage young Australians to purchase their first home
    • negative gearing be retained in its current form for the purpose of property investment
    • conveyance stamp duties be abolished and replaced by an efficient source of revenue for states and territories
    • improving the supply of housing for social housing tenants transitioning to private rental by utilising individual private investors
    • the Government takes a leadership role and works with the states, territories and local government to establish a mechanism to formulate appropriate policies and to monitor their effectiveness

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  • REIA Submission to the Productivity Commision re Geographic Mobility Report

    REIA response to the productivity commission study on geographic labour mobility.

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  • REIA Pre-Budget Submission 2013-14

    In the context of the preparation of the 2013-14 Budget, the Real Estate Institute of Australia (REIA) seeks the Commonwealth Government’s consideration of the following:

    • Retention of current arrangements for negative gearing of property investments.
    • No Capital Gains Taxes on the family home.
    • No increase in Capital Gains Tax on property investments.
    • Removal of stamp duty on property transactions.
    • Uphold the initial intent of the Intergovernmental Agreement.
    • Review the amount of the First Home Owner Grant.
    • Allowing first home buyers access to their superannuation for the purchase of a home.
    • That elements of the Singaporean scheme to assist home ownership be adopted for Australian first home buyers.
    • Ensure the Australian Skills Quality Authority (ASQA) funding is adequate to ensure nationally approved quality standards are met for vocational education and training.
    • Monitor HAF and NRAS to observe its effects on housing supply and to conduct a review which considers additional measures to bridge the demand – supply imbalance.
    • Ensure that the National Housing Supply publishes its State of Supply Report in a timely manner.

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  • SUBMISSION to TREASURY on the DISCUSSION PAPER, REFORM to DEDUCTIONS for EDUCATION EXPENSES

    REIA recommends that the Federal Government reverse its 2013 Budget measure to cap the tax deductibility of self-education expenses at $2000.

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  • REIA Submission - Overtime 2013

    REIA is responding to the Senate Education, Employment and Workplace Relations Committee’s request for written submissions on the Fair Work Amendment Bill 2013 (the Bill) which is currently before Parliament.

    The Bill will implement several of the Fair Work Review Panel’s (Panel) recommendations, following the post-implementation review of the Fair Work Act 2009.

    REIA recommends that

    • The Senate Education, Employment and Workplace Relations Committee recommend to the Senate that it not pass this Bill
    • At a minimum the Bill should be deferred until a comprehensive and quantified assessment of the impact of the proposed changes is undertaken.

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  • NATIONAL LICENSING RIS Submission 2012

    REIA has the following concerns:

    • The conduct of the process leading up to the RIS, the conduct of the Information Sessions following the release of the RIS and the analysis in the RIS justifying the proposals. Any reform must conform with COAG best practice principles, including in particular adopting policy options generating the greatest net benefit to the community;
    • Entry level and agent licensing levels will drop which will result in increased consumer risk and a lowering of professional standards;
    • Commercial and property for the purposes of primary production, or rural real estate, will be deregulated meaning unqualified people will be able to assist consumers in these transactions (in many cases, one of the largest transactions they will make in a lifetime); and 
    • Ongoing professional development will not be a requirement for licensing which will result in many practitioners not participating in legislative updates which are pertinent to their area of real estate practice.

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  • 2012 PRE-BUDGET SUBMISSION

    REIA has recently submitted the 2012 Pre-Budget Submission. REIA is calling on the Commonwealth Government to address the following issues in the 2011/12 budget:

    • Retention of current arrangements for negative gearing of property investments.
    • No Capital Gains Taxes (CGT) on the family home. 
    • No increase in CGT on property investments. 
    • Removal of stamp duty on property transactions. 
    • An increase in the First Home Owners Grant. 
    • The implementation of a scheme to allow first home buyers access to their superannuation for the purchase of a home. 
    • Monitoring of the Housing Affordability Fund (HAF) and National Rental Affordability Scheme (NRAS) to observe its effects on housing supply and to conduct a review which considers additional measures to bridge the demand – supply imbalance. 
    • Ensuring that the National Housing Supply publishes its State of Supply Report in a timely manner. 
    • The appointment of a National Small Business Commissioner

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  • 2011 PRE-BUDGET SUBMISSON

    In May 2011, REIA developed a submission which included issues to be addressed in the Federal Budget; the submission proposed:

    • retention of current arrangements for negative gearing of property
    • no increase in Capital Gains Tax (CGT) on the family home or on property investments 
    • removal of stamp duty on property transactions 
    • a review of the amount of the First Home Owners Grant (FHOG) 
    • the ability of first home buyers to access their superannuation early for the purchase of a home 
    • a commitment from the Federal Government to monitor the Housing Affordability Fund (HAF) and National Rental Affordability Scheme (NRAS) to observe its effects on housing supply and to conduct a review which considers additional measures to bridge the demand supply imbalance.

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  • 2010 PRE-BUDGET SUBMISSION

    In May 2010, REIA developed a submission which included issues to be addressed in the Federal Budget; the submission proposed:

    • retention of current arrangements for negative gearing of property
    • no increase in CGT on the family home or on property investments 
    • a review of the amount of the FHOG
    • the ability of first home buyers to access their superannuation early for the purchase of a home 
    • a review of the Government’s Deposit Guarantee Scheme
    • a commitment from the Government to Monitor the HAF and NRAS to observe its effects on housing supply and to conduct a review which considers additional measures to bridge the demand supply imbalance

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  • 2009 PRE-BUDGET SUBMISSION

    In May 2009, REIA developed a submission which included issues to be addressed in the Federal Budget; the submission proposed:

    • a revision of the Commonwealth Government’s Guarantee Scheme for Large Deposits and Wholesale Funding (Scheme) to exempt real estate trust funds
    • retention of current arrangements for negative gearing of property
    • reform of CGT to a sliding scale
    • a review of the boost to the FHOG to assess effectiveness prior to its cessation
    • the ability of first home buyers to access their superannuation early for the purchase of a home
    • a commitment from the Government to an early implementation of the Intergovernmental Agreement on tax reform and the elimination of inefficient state taxes under the Henry Review reforms
    • a commitment from the Government to provide adequate resourcing to the Council of Australia Governments (COAG) process to facilitate the endorsement and implementation for a uniform Torrens Title Act
    • a commitment from the Government to provide adequate resourcing for the Australian Housing and Urban Research Institute (AHURI)

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