Property Billionaire, Harry Triguboff, says the Government Must Act at Once to Save the Australian Property Market

The position with real estate in Australia has never been worse than it is right now and it’s only getting worse. The government must act at once. The RBA can’t raise the interest rates which makes everything worse even though they think they are following the law which was decided many years ago is irrelevant.

The banks must supply the economy with much more money. Buyers must be given enough money to buy. APRA cannot play games. They understand that builders can’t build and buyers can’t buy. For buyers and builders to be able to function the rules must be changed now – not in a few months, but now.

Australia has not got enough money, but every time Australia borrows from big institutions abroad, they lose. The Chinese came and lost, the Japanese came and lost. This has to stop. The government charges must be reduced. If the government will make the necessary changes, more will be built. And the government will get more stamp duty and other charges. If people go broke and people don’t buy, the government loses money, not makes money.

The necessary changes must be made now. There is no time to lose.

I have offered finance, I have accepted less deposit. I charge less interest but I would like to see more buyers.

More people per unit will result.

We want to know when and what changes will be made. And we, the builders and owners, need to work with the government.

The government refuses to understand what the costs are and what can be obtained for the units.

The problems arrived suddenly and they are becoming worse suddenly. It’s not going up and down. It’s going down consistently. We would like to know what the various politicians wish to do and when. It would be good if we worked with the government and understood what the government wants.

We talk about 4-6% unemployment. That is the biggest joke I ever heard. I say that the unemployment is only counted when a person can’t find work. Actually, many people get a small fraction of wages and they are counted as employed.

We must have meetings with government so we understand what is going on. Instead, we have meetings about other countries which have nothing to do with us.  We must fix our problems. Australia is the most desired country so let’s start discussing how it can be done.

If it’s possible to make a profit, more will be built and the government will make more money. Surely, that’s it preferred direction – not the way we are headed at the moment.