With the Senate passing the Gonski education funding, it looks like the budget will go through as announced. It is largely more of the same - big deficits and some tax increases. For property, low interest rates and availability of money mean property will remain popular, ensuring a strong market.
The State budgets are coming up with some surprises. Overall the states are flush with money due to stamp duty on property, as well as land tax. Most are now taxing overseas buyers more on stamp duties than residents, supposedly to dampen the market. Hong Kong introduced a 30% stamp duty for overseas buyers last year. It made no difference! Here’s hoping the states don’t continue to bring in new taxes. They got rid of many with the GST and we don’t need new ones