The Australian Government is reportedly mulling over another huge new stimulus package to jolt the economy, but the latest proposal is aimed solely at the most vulnerable among us: homeowners looking to revamp their deck.
The Australian reports the government is considering a multi-billion dollar offering which would offer cash handouts to homeowners to facilitate renovations – and, in the process, inject cash into the construction industry.
An extension of grants for first homebuyers is also on the table, the paper reports. All told, the proposed package is thought to amount to $4 billion in stimulus.
Speaking to Alan Jones replacement Ben Fordham on 2GB this morning, Prime Minister Scott Morrison was asked if the scheme will cover “a leaking roof or something they want to fix up.”
The government is thinking about “larger projects, and new home builds, and things like that” instead of funds for smaller repairs and maintenance, Morrison said.
“We are looking at a drop-off in home building going on,” he added.
“That’s not good for tradies, that’s not good for jobs.”
The government is aware of industry predictions that come September – when the JobKeeper and boosted JobSeeker payments are slated to end, for what it’s worth – work for tradies working in construction could diminish.
The banking sector is also geeing up to protect Australians who already own a home or six, with Westpac saying it will extend interest-only periods on some home loans.
The stimulus proposal will be discussed by cabinet this week.