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2011 PowerPoint Presentation

2011

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2011

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  1. 2011 Construction Outlook Breakfast

  2. Victorian Economic Update - Melbourne Construction Outlook Breakfast Kim Wells MP, Treasurer of Victoria 27July 2011

  3. Strong population growth… Source: Australian Bureau of Statistics

  4. Victoria remains the national leader in terms of building approvals Source: Australian Bureau of Statistics

  5. Also reflected in dwelling commencements Source: Australian Bureau of Statistics

  6. Victoria’s strong home-building performance expected to continue Source: HIA Economics, October 2011

  7. House prices continue to be flat in recent quarters Sources: Australian Bureau of Statistics, Real Estate Institute of Victoria and RP-Data-Rismark

  8. Recent volatility in the AUD has led it to fall slightly below parity Source: Reserve Bank of Australia, as at 30 September 2011

  9. Victoria now has a much more robust and diversified economy and remains resilient Source: Australian Bureau of Statistics

  10. While the residential sector is flat, the non-residential sector is improving modestly *Year-on-year growth (3 month rolling sum) Source: Australian Bureau of Statistics

  11. Victorian economic projections 2011-12 Budget projections *Labour market, consumer price index and wage price index data are actual outcomes for 2010-11 **Covers private and public sector wage rates. Incorporates nominal wage increases for labour of unchanged quality, plus some productivity improvements which cannot be fully measured Source: Australian Bureau of Statistics, Department of Treasury and Finance

  12. Housing Initiatives

  13. Housing initiatives • Government action addressing housing affordability: • Land transfer duty for first home buyers was cut by 20 per cent on 1 July 2011 • First Home Bonus and Regional Bonus extended until 30 June 2012 • The pensioner and concession card holder stamp duty concession threshold was increased from $440,000 to $750,000, and eligibility extended to holders of a Commonwealth Seniors Health Card • Stamp duty exemption for young farmers purchasing their first farmland valued up to $300,000 • These initiatives have already benefited approximately 3,200 Victorian families since taking effect on 1 July 2011.

  14. Planning Reforms

  15. Planning Reforms • Overarching Metropolitan Planning Strategy • New outcomes-based Metropolitan Planning Strategy to manage Melbourne’s growth into the future • Streamlining Planning Processes • Ministerial Advisory Committee to review the Victorian planning system and recommend improvements

  16. Planning Reforms • Growth Areas • GAIC – deferment and works-in-kind • Provide development-ready land • Process for Logical Inclusions to the UGB • Urban Renewal • Established the Urban Renewal Authority to focus on strategic development sites • Facilitating other key urban renewal projects

  17. Victorian Economic Update - Melbourne Construction Outlook Breakfast Kim Wells MP, Treasurer of Victoria 27July 2011