Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced the 688-million-Australian dollar "HomeBuilder" package on Thursday, saying it would help "rebuild" communities and the economy in the wake of the coronavirus crisis.
The grants will be restricted to significant projects, with recipient required to spend at least 150,000 AUD of their own money on the project to be eligible.
Couples earning more than 200,000 AUD and individuals earning more than 125,000 AUD per year will be excluded and renovations will only be subsidized if the house being altered is worth less than 1.5 million AUD.
Frydenberg said that the government was expecting to subsidize between 25,000 and 30,000 new builds or renovations, supporting 140,000 direct construction jobs and filling the "void" in the industry caused by the coronavirus.
The building industry has forecast a 50 percent fall in new dwelling commencements by the end of 2020 as a result of the COVID-19 pandemic. (1 U.S. dollar = 1.45 Australian dollars)
Latest comments