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These additional funds, which are part of the efforts to boost local jobs and underpin economic growth, build on the earlier $147m infrastructure investment announced by the federal and the Northern Territory governments in November. The funding is expected to help the territory as it recovers from the impacts of the COVID-19 pandemic.
According to CoreLogic, the share of advertised rental housing increased in Sydney and in Melbourne, bucking the downtrend recorded by the rest of capital city markets. The share of advertised rental stock increased to 4.5% in Sydney and to 3.6% in Melbourne.
As a part of the package, a $100m cash grant has been allocated to the Works for Tradies program, which supports the construction of social housing across the Gold Coast, Sunshine Coast, Cairns, Townsville, Mackay, Rockhampton, Gladstone, Wide Bay, Moreton Bay, Toowoomba, and Ipswich areas by the end of next year.