Reno grants require spending more than annual salary during pandemic, recession

The Australian federal government has today revealed another peg in its coronavirus-recovery stimulus plan, this time targeted at propping up the construction industry.

and, you know, the banks…

Property owners on a single income wanting to renovate will be eligible for $25k “HomeBuilder” grants if:

  • they earn less than $125k annually
  • spend more than $150k on renovations

If you want this grant for renovations you literally need to spend more than your entire annual salary. During a pandemic. During a recession.

Which, I dunno, doesn’t seem wise?

We’re not convinced this is typical “LNP funnelling money to its boomer base” policy, because there are indeed a few sensible restrictions on the grants, like limiting it to owner-occupiers. It’s more likely this is just typical LNP “doesn’t understand how money works for normal people” policy.

A brief ad:

It’s probably best not to take financial advice from us, but if pressed we’d recommend looking behind the couch and finding a spare $60 billion lying around instead.

Dave Milner

twitter: @DaveMilbo
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