NSW new home grant scheme widely rorted

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From Jessica Irvine:

One in five recipients of a now abolished $5000 “new home grant” double-dipped on the scheme to receive multiple grants, including 1500 people and 1869 companies who pocketed more than five grants each.

First home buyers were not eligible for the grants, which were introduced by the Baird government in 2012 and pitched as a way to boost housing construction.

One in five recipients of a now abolished $5000 “new home grant” double-dipped on the scheme to receive multiple grants, including 1500 people and 1869 companies who pocketed more than five grants each.

First home buyers were not eligible for the grants, which were introduced by the Baird government in 2012 and pitched as a way to boost housing construction…

Initially unlimited, the scheme was modified in 2014 to exclude foreign buyers and to introduce a cap of one grant per buyer per year…

Of the total recipients, 23,341 – or 18 per cent – received more than one grant, the figures show…

Has anyone been prosecuted for double-dipping? Or were the rules drafted so poorly that double-dipping was allowed?

Whatever the case, this yet another example of Australia’s epic housing policy failure.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.