THE first home buyers' grant has forced house prices up in recent years, working against its aim of making new homes more affordable, a Senate inquiry has found.
Urging an overhaul of the scheme, the Senate Committee on Housing Affordability found that the system of $7000 grants for all first home buyers had "benefited existing home owners rather than those seeking to enter the market". The committee, comprising Coalition and Labor senators, also found that negative gearing and state fees such as stamp duty were compounding the affordability crisis.
In other news, water remains wet.
All timestamps are Melbourne time.