http://www.onthehouse.com.au/news/ onthehouse.com.au - Latest Property and Real Estate News and Gossip http://www.onthehouse.com.au/news/article/?ArticleId=3810 http://www.onthehouse.com.au/news/article/?ArticleId=3810 Fri, 24 May 2013 00:00:00 EST Federal Infrastructure Minister Anthony Albanese says he wants to see "shovels in the ground" from next year to guarantee the swift delivery of the M2-F3 road link-up in Sydney's north. Mr Albanese says the federal government has set aside $400 million for a link between the two main roads, and he wants construction on the three to four year project to start in 2014. "We've had detailed discussions with both Transurban and the NSW government about the timeframes," he told reporters near Gosford on the NSW Central Coast. http://www.onthehouse.com.au/news/article/?ArticleId=3809 http://www.onthehouse.com.au/news/article/?ArticleId=3809 Fri, 24 May 2013 00:00:00 EST Households generating clean power through solar panels would be rewarded by a dedicated "energy savings agency" being proposed by the Australian Greens. The minor party on Friday said it wanted to set up a new federal government agency to find $1 billion in energy savings and help drive down power bills and the emissions causing global warming. Greens leader Christine Milne said the cost of installing the poles and wires needed for peak energy demand periods - just 40 hours per year - made up nearly a quarter of all power bills. http://www.onthehouse.com.au/news/article/?ArticleId=3808 http://www.onthehouse.com.au/news/article/?ArticleId=3808 Fri, 24 May 2013 00:00:00 EST The federal government needs to restore consumer confidence by securing jobs and ensuring less red tape, says Australia's peak retail group. The Australian Retailers Association (ARA) also called for cuts to taxes and a review of the GST to assist retailers who face a challenging operating environment in a pre-election submission released in Melbourne on Friday. ARA president Roger Gillespie called for better economic management from the federal government, saying the cost of doing business in Australia was prohibitive. http://www.onthehouse.com.au/news/article/?ArticleId=3807 http://www.onthehouse.com.au/news/article/?ArticleId=3807 Fri, 24 May 2013 00:00:00 EST Sales of new US homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, in further signs housing is recovering. The Commerce Department said on Thursday new-home sales rose to a seasonally adjusted annual rate of 454,000 in April, up 2.3 per cent from March and just slightly below January's 458,000. Both January and April had the fastest sales rates since July 2008. http://www.onthehouse.com.au/news/article/?ArticleId=3806 http://www.onthehouse.com.au/news/article/?ArticleId=3806 Thu, 23 May 2013 00:00:00 EST The lawyer for an 87-year-old US woman who accuses Donald Trump of cheating her in a skyscraper condo deal has told jurors he's personally repulsed by The Apprentice star, who he claims lied on the witness stand. The comments came on Wednesday during a closing argument, full of sarcasm, at the civil trial in federal court that pits Jacqueline Goldberg against the billionaire real estate mogul-turned TV showman. Jurors are considering their verdict. http://www.onthehouse.com.au/news/article/?ArticleId=3801 http://www.onthehouse.com.au/news/article/?ArticleId=3801 Thu, 23 May 2013 00:00:00 EST James Hardie expects no major improvement in the housing market this year but says the sector has now stabilised after recent interest rate cuts. Chief executive Louis Gries says the building products maker expects the housing market to be flat to slightly higher. "The operating environment in Australia is likely to remain relatively subdued and the company is not anticipating any substantial increase in net sales this calendar year," he said. http://www.onthehouse.com.au/news/article/?ArticleId=3804 http://www.onthehouse.com.au/news/article/?ArticleId=3804 Thu, 23 May 2013 00:00:00 EST Federal Finance Minister Penny Wong has accused the opposition of hiding its plans to cut public spending if it wins government. Senator Wong said on Thursday it was time for shadow treasurer Joe Hockey to be "up front" with Australians about any coalition plans to slash federal spending. "Joe Hockey talks about a fiscal repair job but he's not prepared to tell Australians what choices he would make (and) what he would cut," Senator Wong told ABC radio, referring to Mr Hockey's comments in his budget reply speech on Wednesday. http://www.onthehouse.com.au/news/article/?ArticleId=3803 http://www.onthehouse.com.au/news/article/?ArticleId=3803 Thu, 23 May 2013 00:00:00 EST Queensland Treasurer Tim Nicholls says he's framed next month's budget under difficult circumstances. The last sitting week of parliament before the June 4 state budget was dominated by opposition questions about whether jobs will be lost and if a flood levy will be introduced. Mr Nicholls says the budget has been hit by natural disasters, slow world economic growth and a drop in mining royalties. http://www.onthehouse.com.au/news/article/?ArticleId=3805 http://www.onthehouse.com.au/news/article/?ArticleId=3805 Thu, 23 May 2013 00:00:00 EST The cost of raising children in Australia has jumped by some 50 per cent over six years. The news comes from an Income and Wealth Report, to be released on Thursday, showing an average middle-income Australian family is spending about $812,000 to raise two children to the age of 24. The figure is an increase of $275,000 on 2007 calculations. http://www.onthehouse.com.au/news/article/?ArticleId=3802 http://www.onthehouse.com.au/news/article/?ArticleId=3802 Thu, 23 May 2013 00:00:00 EST Cattle farmer Australian Agricultural Company (AACo) is continuing to negotiate the sale of a major piece of land in Queensland after it was passed in at auction. The company's Brighton Downs Station, a 420,000-hectare property in southwest Queensland, on Wednesday was passed in at $10.25 million, AACo said. Negotiations are continuing with interested parties, managing director David Farley said. http://www.onthehouse.com.au/news/article/?ArticleId=3799 http://www.onthehouse.com.au/news/article/?ArticleId=3799 Wed, 22 May 2013 00:00:00 EST The underlying position of the federal budget has been in a deteriorating trend since the early 2000s and is only now showing signs of improvement, the Parliamentary Budget Office (PBO) says in a new report. The PBO's first report on the so-called structural budget balance (SBB) provides estimates from 2001/02 to 2016/17. The SBB is a measure that looks at the sustainability of the budget and takes into account major temporary or cyclical factors that affect the underlying position of the budget. http://www.onthehouse.com.au/news/article/?ArticleId=3800 http://www.onthehouse.com.au/news/article/?ArticleId=3800 Wed, 22 May 2013 00:00:00 EST More Australians were feeling bad about the economy in the week the federal budget was released. The Westpac/Melbourne Institute index of consumer sentiment in May fell below 100 points indicating that most of the people surveyed were pessimistic about the economy. The survey was conducted between May 13 and 18, the week of the May 14 federal budget. http://www.onthehouse.com.au/news/article/?ArticleId=3797 http://www.onthehouse.com.au/news/article/?ArticleId=3797 Wed, 22 May 2013 00:00:00 EST NSW Finance Minister Greg Pearce has defended the sale of seven government-owned buildings, saying it's freed up millions of dollars for new housing. All seven buildings have been bought by the Australian-based company Cromwell, which will now lease the space back to the NSW government for the next 15 years. Mr Pearce said the sales had unlocked $405 million to help with Sydney's housing crisis. http://www.onthehouse.com.au/news/article/?ArticleId=3798 http://www.onthehouse.com.au/news/article/?ArticleId=3798 Wed, 22 May 2013 00:00:00 EST Queensland's government has announced 10 new schools for the state despite concerns other schools face the axe. Education Minister John-Paul Langbroek says the schools will be built across southeast Queensland in partnership with private firms in an effort to spread costs over a longer period. The schools are planned to cater for more than 10,000 students and the contracts to build and maintain them will be put to out to tender. http://www.onthehouse.com.au/news/article/?ArticleId=3792 http://www.onthehouse.com.au/news/article/?ArticleId=3792 Tue, 21 May 2013 00:00:00 EST The central bank has given no clues whether more reductions are on the cards after low inflation allowed it to cut the cash rate to a record low at its May board meeting. The Reserve Bank of Australia said that inflation was expected to remain within its target range of two to three per cent for the next few years. "The board decided that some of that scope to ease policy should be used at this meeting," the RBA said in its May 7 board meeting minutes, released on Tuesday. http://www.onthehouse.com.au/news/article/?ArticleId=3795 http://www.onthehouse.com.au/news/article/?ArticleId=3795 Tue, 21 May 2013 00:00:00 EST Federal Treasurer Wayne Swan believes any future change to the breadth or rate of the GST will "smash" low and middle incomes earners. But former NSW premier Nick Greiner believes the perilous public finance conditions facing state governments demand a review of the consumption tax. Shadow treasurer Joe Hockey has indicated the GST will be included in a review of tax reform if the coalition wins government at the September 14 election, although he says any changes would have to be driven by the states, as they are the main beneficiaries. http://www.onthehouse.com.au/news/article/?ArticleId=3796 http://www.onthehouse.com.au/news/article/?ArticleId=3796 Tue, 21 May 2013 00:00:00 EST Up to three quarters of South Australia's civil construction businesses are seeking work in other states to survive, an industry lobby group says. The Civil Contractors Federation (CCF) on Tuesday said the industry in the state is at a 20-year low, with an acute shortage of public and private work. Internal CCF survey results suggest South Australia is facing a "civil construction exodus", with up to 75 per cent of its members indicating they had been forced to look for work in other states to get by. http://www.onthehouse.com.au/news/article/?ArticleId=3793 http://www.onthehouse.com.au/news/article/?ArticleId=3793 Tue, 21 May 2013 00:00:00 EST Liberal backbencher Alex Hawke says the coalition has no plans to alter existing negative gearing arrangements, saying a media report to the contrary is false. The West Australian newspaper on Tuesday said the coalition's promised review of the taxation system could lead to the scrapping of the tax break on investment properties. But Mr Hawke told Sky News "the coalition has no plans to change or alter negative gearing". http://www.onthehouse.com.au/news/article/?ArticleId=3791 http://www.onthehouse.com.au/news/article/?ArticleId=3791 Tue, 21 May 2013 00:00:00 EST The resources sector's contribution to economic growth will fall because increased production won't be enough to offset the decline in mining investment, Treasury Secretary Martin Parkinson warns. Dr Parkinson says the economy faces two major transitions over the next few years, which while supported by lower interest rates, will be challenged by continued weakness in the global economy and a persistently high Australian dollar "even after the welcome falls in the past week". He told an Australian Business Economists luncheon the resources sector is transition from the largest investment boom in Australia's history to the production and exports phase. http://www.onthehouse.com.au/news/article/?ArticleId=3794 http://www.onthehouse.com.au/news/article/?ArticleId=3794 Mon, 20 May 2013 00:00:00 EST The Victorian government has eased its crackdown on building unions after a Federal Court ruling that its construction industry code had discriminated against workers. The government said on Monday that pending an appeal against the decision the code will no longer apply to enterprise bargaining agreements (EBAs). Finance Minister Robert Clark said its construction industry watchdog, the Construction Code Compliance Unit (CCCU), will now focus on issues such as sham contracts, unregistered agreements and coercive practices. http://www.onthehouse.com.au/news/article/?ArticleId=3788 http://www.onthehouse.com.au/news/article/?ArticleId=3788 Mon, 20 May 2013 00:00:00 EST People moving into newly developed areas in NSW could be left without essential services for up to three years under measures proposed in the state government's planning white paper. The white paper, currently out for community consultation, states "infrastructure will be available when required, delivered efficiently". But social infrastructure strategist Van Le says there is no requirement in the white paper to ensure new infrastructure is developed at the same time demand increases. http://www.onthehouse.com.au/news/article/?ArticleId=3786 http://www.onthehouse.com.au/news/article/?ArticleId=3786 Mon, 20 May 2013 00:00:00 EST Residential building will increase strongly over the next three years as low interest rates release pent-up demand, a new report says. The Master Builders Australia report projects the value of residential building work done will grow from a forecast $46.2 billion in 2012/13 to $60.9 billion in 2015/16. Home building starts are predicted to rise to 164,000 in 2013/14, 179,000 in 2014/15 and 183,000 in 2015/16. http://www.onthehouse.com.au/news/article/?ArticleId=3787 http://www.onthehouse.com.au/news/article/?ArticleId=3787 Mon, 20 May 2013 00:00:00 EST Offering lower interest rates than its main competitors has done little to lift National Australia Bank's satisfaction rating among its business customers. NAB has offered the lowest interest rates of the big four banks - which also includes Commonwealth, ANZ and Westpac - for the past four years, yet remains stuck in third place in terms of its satisfaction rating. According to the monthly DBM Consultants' Business Financial Services Monitor (BFSM), NAB had an average satisfaction rating of 7.0 out of 10 in April. http://www.onthehouse.com.au/news/article/?ArticleId=3790 http://www.onthehouse.com.au/news/article/?ArticleId=3790 Mon, 20 May 2013 00:00:00 EST The prospects for Australian businesses are looking healthier, with spending across the economy rising for the eighth consecutive month. Commonwealth Bank's Business Sales Indicator (BSI) found that spending rose 0.5 per cent in trend terms in April. It was the eight month-on-month increase in a row, with spending up 4.9 per cent in April compared to a year earlier. http://www.onthehouse.com.au/news/article/?ArticleId=3789 http://www.onthehouse.com.au/news/article/?ArticleId=3789 Mon, 20 May 2013 00:00:00 EST The NSW property industry has backed calls by Premier Barry O'Farrell for the changes to the GST to be included in a debate on tax reform. Mr O'Farrell has called for a "fair dinkum" discussion about tax in federal opposition leader Tony Abbott's promised review, including raising the GST rate and broadening its base. NSW Property Council executive director Glenn Byres says all options for tax reform, including the GST, should be on the table. http://www.onthehouse.com.au/news/article/?ArticleId=3781 http://www.onthehouse.com.au/news/article/?ArticleId=3781 Fri, 17 May 2013 00:00:00 EST Opposition Leader Tony Abbott has shied away from putting a timeframe on his proposed budget measures, including spending cuts which aim to save up to $5 billion. In his budget-in-reply on Thursday, Mr Abbott outlined that a coalition government would slash the public service payroll and discontinue the low income superannuation contribution as part of its plan to rein in the 2012/13 $19 billion deficit. "We will be responsible and I think that's what the public expects," Mr Abbott told ABC Radio when asked how long the coalition's spending restrictions would last. http://www.onthehouse.com.au/news/article/?ArticleId=3783 http://www.onthehouse.com.au/news/article/?ArticleId=3783 Fri, 17 May 2013 00:00:00 EST Treasurer Wayne Swan says he's puzzled as to why the Queensland government would want to impose a flood levy. The state government is considering including a flood levy in next month's budget to raise more funds for flood proofing communities. But Mr Swan said the federal government had already provided Queensland with $6 billion to cover major floods in recent years, of which $3 billion was sitting in a Queensland government account. http://www.onthehouse.com.au/news/article/?ArticleId=3785 http://www.onthehouse.com.au/news/article/?ArticleId=3785 Fri, 17 May 2013 00:00:00 EST Construction of new US homes plunged in April but new building permits soared, official data show, pointing to continued recovery in the housing sector. Housing starts plummeted 16.5 per cent from March to an annual rate of 853,000, according to seasonally adjusted Labor Department figures on Thursday. The plunge came after two months of gains, including March's surge to more than one million units. The drop was steeper than the 970,000 rate expected by analysts. http://www.onthehouse.com.au/news/article/?ArticleId=3782 http://www.onthehouse.com.au/news/article/?ArticleId=3782 Fri, 17 May 2013 00:00:00 EST Independent MP Bob Katter says interest rates are far too high compared to Australia's trading partners and need to come down to further bring down the value of the dollar. Mr Katter, leader of the new Katter's Australian Party, said the burning issue in Australia was the strong local dollar. He said it was costing jobs but both sides of politics said they could do nothing about it. http://www.onthehouse.com.au/news/article/?ArticleId=3784 http://www.onthehouse.com.au/news/article/?ArticleId=3784 Fri, 17 May 2013 00:00:00 EST New Zealand consumers continue to get more optimistic as rising house prices and an improving labour market underpin the rosier outlook. The ANZ-Roy Morgan consumer confidence index rose 4.5 points to 123.7, with more respondents in the May survey feeling better off financially than they did a year ago, the first positive reading since March 2008. The current conditions index advanced four points to 123 and future conditions gained five points to 124.