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—— 2002a, Revenue Statistics: 1965–2001, OECD, Paris. —— 2002b, Distributed Public Governance: Agencies, Authorities and other Government Bodies, OECD, Paris. —— 2003, Revenue Statistics: 1965–2002, OECD, Paris. ORR (Office of Regulation Review) 1998, A Guide to Regulation, 2nd edn, AGPS, Canberra. PC (Productivity Commission) 2003a, First Home Ownership: Issues Paper, Productivity Commission, Canberra, September. —— 2003b, First Home Ownership: Discussion Draft, Productivity Commission, Canberra, December. —— 2003c, Industry Productivity Estimates, http://www.pc.gov.au/work/ productivity/industry2002.xls (accessed 2 December 2003). —— 2004, Reform of Building Regulation: Issues Paper, Productivity Commission, Canberra, March. Pilat, D. 1996, ‘Competition, productivity and efficiency’, OECD Economic Studies, no. 27. PIA (Planning Institute of Australia) 2004, Consultation Draft: National Inquiry into Planning Education and Employment, February. PricewaterhouseCoopers 2002, Innovation in the Australian Building and Construction Industry — Survey Report, ACT, March. Ralph, J. (Chairman) 1999, Review of Business Taxation, AGPS, Canberra. RAIA (Royal Australian Institute of Architects) 2003, Planning Assessment Survey Report 2003, September. RBA (Reserve Bank of Australia) 2002, ‘Innovations in the provision of finance for investor <strong>housing</strong>’, Reserve Bank of Australia Bulletin, December. —— 2003a, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/ Bulletin/FO5hist.xls (accessed 14 November 2003). —— 2003b, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/Bulletin/ GO1hist.xls (accessed 14 November 2003). —— 2003c, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/Bulletin/ D05hist.xls (accessed 14 November 2003). —— 2003d, Financial System Stability — Some Current Observations, Address by John Laker (Assistant Governor), to the Conference on Emerging Financial Services in Asia–Pacific, Sydney, 16 May, http://www.rba.gov.au/Speeches/ sp_ag_160503.html (accessed 28 November 2003). 262 FIRST HOME OWNERSHIP
—— 2003e, ‘Household debt: what the data show’, Reserve Bank of Australia Bulletin, March. —— 2003f, ‘Recent developments in low-deposit loans’, Reserve Bank of Australia Bulletin, October. —— 2004a, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/ Bulletin/FO5hist.xls (accessed 8 March 2004). —— 2004b, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/Bulletin/ GO1hist.xls (accessed 8 March 2004). —— 2004c, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/Bulletin/ D05hist.xls (accessed 8 March 2004). —— 2004d, Bulletin Statistical Tables, http://www.rba.gov.au/Statistics/Bulletin/ FO2hist.xls (accessed 8 March 2004). —— 2004e, Statement on Monetary Policy, February. REIA (Real Estate Institute of Australia) 2003, Rental Yields, unpublished. Rohe, W., McCarthy, G. and Van Zandt, S. 2000, The Social Benefits and Costs of Home Ownership: A Critical Assessment of the Research, Research Institute for Housing America, Working Paper no. 00-01, May. Royal LePage Real Estate Services 2003, Survey of Canadian House Prices Third Quarter, no. 25, Toronto. SCRGSP (Steering Committee for the Review of Government Service Provision) 2004, Report on Government Services 2004, Productivity Commission, Canberra. Senate Community Affairs References Committee 2004, A Hand Up not a Hand Out: Renewing the Fight Against Poverty, Report on poverty and financial hardship, March. Sieper, E. 1986, ‘Business tax reform’, in Head, J. (ed.), Changing the Tax Mix, Australian Tax Research Foundation Conference Series, no. 6, pp. 289–292. Spiller, M. 2004, ‘The economy and space: planning adrift, tsunami approaching’, Journal of the Planning Institute of Australia (Victoria), February. Sutton, G. 2002, ‘Explaining changes in house prices’, Bank for International Settlements Quarterly Review, September, pp. 46–55. Swedish National Tax Board 2002, Taxes in Sweden: 2002, January, http://www.rsv.se/broschyrer/104/10403.pdf (accessed 2 December 2003). The Economist 2003, ‘House of Cards’, 29 May, http://www.economist.com/ displaystory.cfm?story_id=1794873 (accessed 15 January 2004). REFERENCES 263
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First Home Ownership Productivity C
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31 March 2004 Melbourne Office Leve
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Terms of reference PRODUCTIVITY COM
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Contents Terms of reference Content
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A Public consultation 233 A.1 Submi
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IGA IMF IPART LVR MBA NAHP NCOSS OE
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Overview Owning a home is of fundam
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Figure 1 Real house price growth in
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Why have prices risen so fast? A st
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Figure 4 Housing finance commitment
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Figure 5 New finance commitments fo
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• The apparent overshooting in th
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It needs to be emphasised that thes
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The overwhelming view put to this i
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Are infrastructure charges too high
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Authorities and utilities imposing
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‘Lifeline’ assistance designed
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1.2 How has the Commission approach
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The implication is that the communi
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Box 1.2 Some distinctive features o
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Hence, in looking at how to improve
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asis, while others took the form of
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- looks at the extent to which high
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As noted in chapter 1, house prices
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of the housing market in Australia
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Over the past few decades, there al
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First and foremost, it has been mor
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Notably, there has been a large inc
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The reasons underlying the surge in
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discussions of trends in affordabil
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Figure 2.7 The BIS Shrapnel home lo
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Figure 2.9 First home buyer deposit
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• Similarly, the use of Australia
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2001 could simply be due to the age
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that, since 1994, the maximum share
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characterised the Australian experi
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That in turn suggests that in seeki
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However, there is no mechanistic re
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Figure 3.2 Real yields on indexed l
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Moreover, while investors in all ty
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Box 3.1 Some other recent home loan
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the lower end of the debt-to-income
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the late 1990s, and declining renta
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3.4 Some policy issues Cheaper and
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• whether to implement proposed i
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In the Commission’s view, some re
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4.1 Economic growth Over the last d
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Box 4.1 Coverage of resident popula
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Figure 4.2 Net immigration to Austr
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Box 4.3 Location and housing arrang
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Table 4.1 Average annual population
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Impact of population and household
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Figure 4.4 Loan approvals to first
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5 The role of taxation Findings •
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This latter item effectively repres
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operation of the ‘margin scheme
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Table 5.1 Stamp duty payable on the
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Other taxes A number of other taxes
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housing in each country compare wit
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property (as a benefit or cost), wi
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Moreover, over time, any tax impost
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In general, provided nominal house
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as rising incomes have pushed more
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increasingly capitalised into the p
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people may decide to stay in their
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eliance on these taxes [payroll tax
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ate structures, and provisions for
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esponded that ‘it is unclear that
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Taxes on taxes, multiple taxation a
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Although no-one specifically sugges
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occupiers, would be required to est
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Moreover, seeking to achieve greate
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The combined effect of a number of
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depends on a range of factors — n
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Are there distortions in individual
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Several participants endorsed the n
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In the interim, making housing-spec
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The recent increase in house prices
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increased by more than 100 per cent
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Figure 6.4 Trends in ‘greenfield
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increases being in suburbs close to
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which expected housing demand is li
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Box 6.2 The Melbourne 2030 urban gr
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Strategic planning and controls on
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6.3 Planning approvals From a price
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Perceived problems Planning approva
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Figure 6.5 Architects’ assessment
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The lack of experienced staff has b
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potential new residents against the
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Governance In discussions with the
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develop specific options for addres
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Box 6.7 The Development Assessment
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The extent to which processes can b
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Australians today expect to have a
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Box 7.1 Types of infrastructure •
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Table 7.1 Case studies of developer
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Box 7.2 NSW section 94 levies Secti
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The incidence of developer charges
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• residents of developments effec
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infrastructure are subject to regul
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development — where land is not d
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Box 7.5 Regulation of utilities’
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efficient and equitable upfront cha
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finance the costs of providing such
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8 Are industry performance and buil
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Overall, the evidence available to
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In terms of productivity, at least
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CFMEU, in claiming that the analyti
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Skill shortages in the residential
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unnecessarily to costs. While time
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In illustrating the effects of such
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9 Have prices ‘overshot’? Findi
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structural change if low inflation
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long-term averages in most of Austr
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Whichever way additional holding co
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could help to narrow, though probab
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Accordingly, this chapter examines
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10.2 Rationales for direct assistan
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• growing affordability problems
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Further, several participants calle
Page 246 and 247: supply. However, they should be pur
Page 248 and 249: Demand-side or supply-side? Measure
Page 250 and 251: GST can be justified. Importantly,
Page 252 and 253: course, targeting raises some impor
Page 254 and 255: main monetary resource available to
Page 256 and 257: own savings and increase their cons
Page 258 and 259: Such shared-equity arrangements are
Page 260 and 261: Keystart and similar programs A num
Page 262 and 263: Also, to the extent that the curren
Page 265: APPENDIXES
Page 268 and 269: Participant Submission number Brisb
Page 270 and 271: Participant Submission number Langf
Page 272 and 273: Participant Submission number Taylo
Page 274 and 275: South Australia Department of Treas
Page 277 and 278: B Who are the first home buyers? In
Page 279 and 280: While single-parent households acco
Page 281 and 282: Table B.5 Housing costs of first ho
Page 283 and 284: and Melbourne, the median price pai
Page 285 and 286: B.6 Location The geographic distrib
Page 287 and 288: Figure B.4 Per cent 100 90 80 70 60
Page 289: B.7 Dwelling characteristics Detach
Page 292 and 293: Bernardi, F. and Poggio, T. 2002, H
Page 294 and 295: French Ministry of Finance and Indu
Page 298 and 299: The Treasury 2003, Preliminary Asse
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