Property experts have welcomed the extension of the JobKeeper and JobSeeker payments beyond September.
Adrian Kelly, President of the Real Estate Institute of Australia (REIA) said the extension will provide businesses and individuals with a much-needed lifeline in our industry, the economy and the community for the coming months.
"REIA applauded the introduction of the JobKeeper as it kept many employed in the real estate sector. Many of these employees have been engaged in providing the essential service of keeping tenants housed during the pandemic."
"With some 3.3 million properties that are rented or available for rent across Australia the extension of JobKeeper and JobSeeker will do much to ease the stress and anxiety that many tenants are feeling at this time. Many of these are rented by people who have lost their jobs in industries that will be slow to recover."
The extension of JobKeeper and JobSeeker will play a vital role in helping Australians plan for recovery and rebuilding from the impact of COVID-19
- Adrian Kelly
The extension of the JobKeeper wage subsidy program will provide a further "airbag" for the Australian economy, according to the Property Investment Professionals of Australia (PIPA).
PIPA Chairman Peter Koulizos said the wage subsidy extension would help to soften the economic blow.
"We need to accept that the economic impact of COVID-19 is going to be significant," Mr Koulizos said.
"However, if the various stimulus initiatives and financial support packages hadn't been implemented, then the fallout would have been severe.
"In essence, these measures are providing an economic airbag to help slow down, and soften, the impact that we all know is coming."
Mr Koulizos said a similar strategy of stimulus initiatives was employed during the GFC that ultimately resulted in the Australian economy avoiding a recession.
"Those stimulus packages were vital in keeping people employed during that protracted global downturn," he said.
"This time, it's clear we won't be able to avoid a recession, but these programs will help to prevent our economy languishing for the long-term."
The extension of the JobKeeper scheme is also the right move for the building and construction industry.
Denita Wawn, CEO of Master Builders Australia said., "Building and construction is the industry with the most businesses registered for JobKeeper and that reflects that 98 per cent of the industry is comprised of small businesses and with more small businesses than any other sector of the economy."
"There's no doubt that JobKeeper continues to be a lifeline for thousands of small builders and tradies as well as many in the building supply chain. The continuing easier accessibility for sole traders to access the scheme is also important," she said.
