Property Asset Planning supports call for federal government to continue NRAS
The National Rental Affordability Scheme (NRAS) has been debated heavily in recent weeks and the federal budget will be heavily scrutinised to see what changes, if any, will be made.
However, Property Asset Planning’s managing director Brian Chant said that he was in support of the Property Council of Australia’s executive director of the residential development council, Nick Proud, for the federal government to continue their support of the scheme.
Chant, it is noted, has sold hundreds of NRAS properties in South Australia under the name NRAS4SA.
“In South Australia we have seen little evidence of problems with NRAS which have been recently reported in The Australian newspaper and other national media,” said Chant.
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Chant noted that the criticisms, which suggested that international students were benefiting from NRAS, was not an issue in South Australia.
“To suggest that the program should be wound up is short sighted and misguided. Australians consistently nominate housing affordability and supply as a top five issue and this is the one Federal Government program that aims to address Australia’s housing shortage,” he said.
“Given the success I have seen from the point of view of both investors and a tenant I see no reason to scrap NRAS now. Yes there are a few areas that need to be tightened up but lets not start from scratch with a new program to address an urgent problem.”
“Combining changes to negative gearing with a reinvigorated NRAS program will, based on our experience in South Australia, make a huge difference and very quickly,” Chant said.
Green Building Council of Australia chief operating officer Robin Mellon also agreed with the Proud’s comments.
He pointed to recent comments from Proud that claimed ditching NRAS would be throwing the baby out with the bathwater.
“Increasing housing affordability in Australia requires a range of complementary measures, together with commitment from industry and all levels of government. NRAS is a vital piece of the jigsaw – one that we can't afford to lose,” Mellon said.
An academic from a research hub has also said that NRAS fears are misplaced.