New South Wales is an Australian state, the one with the largest population
The state budget was announced today; part of it is about prompting more housing construction:
- The Treasurer, Dominic Perrottet, said about 75,000 homes were expected to be built next financial year, double the long-term average of 40,000.
- the budget seeks to try and secure the increase in new housing through a range of spending measures, spread across both government departments and local governments.
- Included among the budget measures are another $118 million over the next four years to "deliver new infrastructure, housing and employment initiatives, review land use and infrastructure strategies for priority growth areas."
While this is going to be of most interest to locals, it also has implications for the economy, the RBA and the AUD. To the extent 9& if the construction target is achieved) it contributes to accelerated economic growth it will move the RBA further away from potential easing (this is not on the cards at present, the Bank is on hold right now) and is a bullish argument for the AUD (ps. there are factors that are bearish too ... this is not the only driver for the AUD, K?)
More here at the Sydney Morning Herald
