Home grant lift to boost sector: HIA

Australia's largest building association says measures announced by the federal government to boost the economy will support the housing market and increase activity. The government said on Tuesday it would invest about $1.5 billion in the housing market over 2008/09 and 2009/10, as part of a $10.4 billion package to help Australia counter the global economic crisis. The Housing Industry Association (HIA) said a doubling in the first-home owners grant, announced as part of the plan, would stimulate construction activity. The payment under the first-home buyers scheme will be doubled from $7,000 to $14,000 and first-home buyers who buy newly-constructed home will receive an extra $7,000 taking their total grant to $21,000. HIA managing director Ron Silberberg said the plan would... [read full story]