Further $30 million boost to support WA’s Building Bonus program.
After higher than expected demand for the successful COVID-19 stimulus measure, the McGowan Government today have announced a further $30 million boost.
The McGowan Government has established the new COVID-19 Industry Support Fund to deliver further relief to Western Australians and continue to stimulate the State’s economy.
The $30 million of additional funding for the Building Bonus announced today takes the total investment in the program to $147 million.
Grants of $20,000 are available to any homebuyer who wishes to build a new house or purchase a new property in a single-tier development (such as a townhouse) prior to completion of construction.
Demand for the grants has been higher than expected:
- 283 Building Bonus applications submitted
- 96 applications approved
- $1.92 million in grants paid out to date.
The government expect these numbers will continue to increase as more Western Australians commence construction on their new homes, making them eligible for the grants.
Following the introduction of the grants, land sales have significant;y increase in Perth. In late June there was a peak of approximately 500 sales per week. This is up from the historical average of around 60 per week.
Watch: Premier Mark McGowan and Treasurer Ben Wyatt announce Building Bonus boost part of new COVID-19 Industry Support Fund
The Building Bonus program was part of the McGowan Government’s $2.7 billion investment in immediate COVID-19 stimulus and relief measures, part of the $5.5 billion WA Recovery Plan
“We are not out of the woods yet, and we acknowledge that some sections of the community are still doing it tough, but there is no doubt that Western Australia is in a position to recover stronger than ever.” Mr McGowan said.
The McGowan Government today also announced an extension of the disconnection moratorium for residential water and electricity customers from September 30, 2020 to June 30, 2021.
Further Perth news on SoPerth.com.au
Feature image: AAP Photos / Richard Wainwright