Budget backed by HIA
The Housing Industry Association of Australia has reacted positively to last night’s Budget, saying it is financially responsible and builds on the microeconomic reforms put in place by the Government over the past seven years which have been the catalyst for job and GDP growth.
The Association says the surplus will help to take pressure off interest rates and allow fiscal policy to play a greater role in controlling inflation. Dr Ron Silberberg, the HIA’s managing director, says it is now up to the Reserve Bank to give the budget a vote of confidence by letting the economy absorb the latest interest rate rise before considering any further tightening of monetary policy.
“For the construction industry, which faces declining up activity in the year ahead, the avoidance of further interest rate rises is of paramount importance,” Silberberg says. “It is also important that the pace of microeconomic reform be continued, particularly in the area of lifting red tape from small business.
“The commitment to ongoing funding for the Australian Building Codes Board will also contribute to greater efficiencies in the industry while the Small Business Cultural Enterprise program will continue to provide support for the skill development of small business.”
Source: Building Products News.
15-May-2002