Smith: Govt. housing programme may be a mistake

James Smith.

Former state minister of finance and governor of the Central Bank James Smith , raised concerns about the government’s highly touted aggressive housing programme.

The plan, once approved, will allow first-time home owners who qualify to purchase lots for $30,000. Owners will then, according to government, have two to three years to complete their homes and will receive tax concessions for construction.

Smith said he sees the plan adding to an already complex mortgage crisis. Further, the former state finance minister reasoned that while the demand for homes is great, many do not qualify.