- Page 1 and 2: First Home Ownership Productivity C
- Page 3 and 4: 31 March 2004 Melbourne Office Leve
- Page 5: Terms of reference PRODUCTIVITY COM
- Page 9 and 10: A Public consultation 233 A.1 Submi
- Page 11 and 12: IGA IMF IPART LVR MBA NAHP NCOSS OE
- Page 13 and 14: Overview Owning a home is of fundam
- Page 15 and 16: Figure 1 Real house price growth in
- Page 17 and 18: Why have prices risen so fast? A st
- Page 19 and 20: Figure 4 Housing finance commitment
- Page 21 and 22: Figure 5 New finance commitments fo
- Page 23 and 24: • The apparent overshooting in th
- Page 25 and 26: It needs to be emphasised that thes
- Page 27 and 28: The overwhelming view put to this i
- Page 29 and 30: Are infrastructure charges too high
- Page 31 and 32: Authorities and utilities imposing
- Page 33: ‘Lifeline’ assistance designed
- Page 36 and 37: 1.2 How has the Commission approach
- Page 38 and 39: The implication is that the communi
- Page 40 and 41: Box 1.2 Some distinctive features o
- Page 42 and 43: Hence, in looking at how to improve
- Page 44 and 45: asis, while others took the form of
- Page 46 and 47: - looks at the extent to which high
- Page 48 and 49: As noted in chapter 1, house prices
- Page 50 and 51: of the housing market in Australia
- Page 52 and 53: Over the past few decades, there al
- Page 54 and 55: First and foremost, it has been mor
- Page 56 and 57:
Notably, there has been a large inc
- Page 58 and 59:
The reasons underlying the surge in
- Page 60 and 61:
discussions of trends in affordabil
- Page 62 and 63:
Figure 2.7 The BIS Shrapnel home lo
- Page 64 and 65:
Figure 2.9 First home buyer deposit
- Page 66 and 67:
• Similarly, the use of Australia
- Page 68 and 69:
2001 could simply be due to the age
- Page 70 and 71:
that, since 1994, the maximum share
- Page 72 and 73:
characterised the Australian experi
- Page 74 and 75:
That in turn suggests that in seeki
- Page 76 and 77:
However, there is no mechanistic re
- Page 78 and 79:
Figure 3.2 Real yields on indexed l
- Page 80 and 81:
Moreover, while investors in all ty
- Page 82 and 83:
Box 3.1 Some other recent home loan
- Page 84 and 85:
the lower end of the debt-to-income
- Page 86 and 87:
the late 1990s, and declining renta
- Page 88 and 89:
3.4 Some policy issues Cheaper and
- Page 90 and 91:
• whether to implement proposed i
- Page 92 and 93:
In the Commission’s view, some re
- Page 94 and 95:
4.1 Economic growth Over the last d
- Page 96 and 97:
Box 4.1 Coverage of resident popula
- Page 98 and 99:
Figure 4.2 Net immigration to Austr
- Page 100 and 101:
Box 4.3 Location and housing arrang
- Page 102 and 103:
Table 4.1 Average annual population
- Page 104 and 105:
Impact of population and household
- Page 106 and 107:
Figure 4.4 Loan approvals to first
- Page 109 and 110:
5 The role of taxation Findings •
- Page 111 and 112:
This latter item effectively repres
- Page 113 and 114:
operation of the ‘margin scheme
- Page 115 and 116:
Table 5.1 Stamp duty payable on the
- Page 117 and 118:
Other taxes A number of other taxes
- Page 119 and 120:
housing in each country compare wit
- Page 121 and 122:
property (as a benefit or cost), wi
- Page 123 and 124:
Moreover, over time, any tax impost
- Page 125 and 126:
In general, provided nominal house
- Page 127 and 128:
as rising incomes have pushed more
- Page 129 and 130:
increasingly capitalised into the p
- Page 131 and 132:
people may decide to stay in their
- Page 133 and 134:
eliance on these taxes [payroll tax
- Page 135 and 136:
ate structures, and provisions for
- Page 137 and 138:
esponded that ‘it is unclear that
- Page 139 and 140:
Taxes on taxes, multiple taxation a
- Page 141 and 142:
Although no-one specifically sugges
- Page 143 and 144:
occupiers, would be required to est
- Page 145 and 146:
Moreover, seeking to achieve greate
- Page 147 and 148:
The combined effect of a number of
- Page 149 and 150:
depends on a range of factors — n
- Page 151 and 152:
Are there distortions in individual
- Page 153 and 154:
Several participants endorsed the n
- Page 155:
In the interim, making housing-spec
- Page 158 and 159:
The recent increase in house prices
- Page 160 and 161:
increased by more than 100 per cent
- Page 162 and 163:
Figure 6.4 Trends in ‘greenfield
- Page 164 and 165:
increases being in suburbs close to
- Page 166 and 167:
which expected housing demand is li
- Page 168 and 169:
Box 6.2 The Melbourne 2030 urban gr
- Page 170 and 171:
Strategic planning and controls on
- Page 172 and 173:
6.3 Planning approvals From a price
- Page 174 and 175:
Perceived problems Planning approva
- Page 176 and 177:
Figure 6.5 Architects’ assessment
- Page 178 and 179:
The lack of experienced staff has b
- Page 180 and 181:
potential new residents against the
- Page 182 and 183:
Governance In discussions with the
- Page 184 and 185:
develop specific options for addres
- Page 186 and 187:
Box 6.7 The Development Assessment
- Page 188 and 189:
The extent to which processes can b
- Page 190 and 191:
Australians today expect to have a
- Page 192 and 193:
Box 7.1 Types of infrastructure •
- Page 194 and 195:
Table 7.1 Case studies of developer
- Page 196 and 197:
Box 7.2 NSW section 94 levies Secti
- Page 198 and 199:
The incidence of developer charges
- Page 200 and 201:
• residents of developments effec
- Page 202 and 203:
infrastructure are subject to regul
- Page 204 and 205:
development — where land is not d
- Page 206 and 207:
Box 7.5 Regulation of utilities’
- Page 208 and 209:
efficient and equitable upfront cha
- Page 210 and 211:
finance the costs of providing such
- Page 213 and 214:
8 Are industry performance and buil
- Page 215 and 216:
Overall, the evidence available to
- Page 217 and 218:
In terms of productivity, at least
- Page 219 and 220:
CFMEU, in claiming that the analyti
- Page 221 and 222:
Skill shortages in the residential
- Page 223 and 224:
unnecessarily to costs. While time
- Page 225 and 226:
In illustrating the effects of such
- Page 227 and 228:
9 Have prices ‘overshot’? Findi
- Page 229 and 230:
structural change if low inflation
- Page 231 and 232:
long-term averages in most of Austr
- Page 233 and 234:
Whichever way additional holding co
- Page 235:
could help to narrow, though probab
- Page 238 and 239:
Accordingly, this chapter examines
- Page 240 and 241:
10.2 Rationales for direct assistan
- Page 242 and 243:
• growing affordability problems
- Page 244 and 245:
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 296 and 297:
—— 2002a, Revenue Statistics: 1
- Page 298 and 299:
The Treasury 2003, Preliminary Asse