Victoria to fall 36,000 homes short of target after federal budget tax hit

Anthony Albanese’s budget changes in May have Victoria’s home building forecasts going backwards.The state is now projected to build 4100 fewer new homes in the coming five years than it did in the past five, a 7.2 per cent decline that is being compounded by the federal budget’s changes to negative gearing and capital gains tax discounts for investors.Anthony Albanese’s May budget changes to investor tax settings are behind a revision to Victoria’s housing forecasts — and it’s not good news.Master Builders have forecast the state will build about 271,000 homes by mid 2029, a figure that has been revised down from 283,000 in the span of three months — despite an uptick in home approvals recorded in August according to Australian Bureau of Statistics data released yesterday.RELATED: RBA cash rate hike delivers five-figure blow to first home buyer budgetsNational housing target falters as home approvals fall across AustraliaAustralians spend record $100bn on new homes amid tradie shortage It is now on track to fall 36,000 short of its 307,000 share of the National Housing Accord’s goal of getting 1.2 million new homes built around the nation by mid 2029.That target was set by the Alb...