Revisiting the build-to-rent tax settings again, three years on from when they first landed. The additional foreign acquirer duty exemption and the twenty year foreign land tax surcharge relief remain, in my read, the single most important lever in the whole concession package.
Domestic capital alone hasn't historically been deep enough to fund purpose-built rental at the scale Australia actually needs, that's a big part of why the sector's always lagged comparable markets overseas. Removing the specific tax penalty that made offshore capital more expensive to deploy here than in competing jurisdictions goes directly at that gap.
Whether it's been sufficient on its own is still genuinely unclear, plenty of other frictions remain, approvals timelines, construction costs, the insolvency risk I've written about since 2023. But of everything in the policy package, this is the piece I'd be most cautious about seeing wound back.