WA gifts foreign buyers $20k housing subsidy

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The Western Australian McGowan Government has piled in behind Scott Morrison’s HomeBuilder program, offering a $20,000 non-means tested subsidy to all purchasers of a newly constructed dwelling, including foreign buyers:

Billionaires, foreign investors and east coast property speculators will be eligible for $20,000 of West Australian taxpayer money under a generous housing assistance scheme announced by the state government on Sunday.

Anyone who commits to build a new house in Western Australia over the rest of this year will ­receive the bonus, which is part of a broader $444m program that the government hopes will create more than 4000 jobs…

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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.