Property industry can kick-start economic recovery

28 May 2020

Incentives for new housing construction, broad-based tax reform, improving the supply of affordable housing, and the renewal of our migration program are among the key areas for action in the Property Council of Australia’s seven-point plan for economic recovery after COVID-19.

“Some big and bold thinking is required to get the Australian economy going again after the impact of the COVID-19 pandemic,” said Ken Morrison, Chief Executive of the Property Council of Australia.

“As Australia’s biggest employer which contributes over 13 per cent of GDP, the property industry can be a powerhouse behind economic recovery and growth with the right policy settings and market incentives from the federal, state and territory governments,” Mr Morrison said.

The Property Council has published a comprehensive seven-point plan to stimulate construction, grow skills, attract investment and boost confidence across the industry. It includes recommendations for:

The plan includes recommendations to attract international investment through accelerated Foreign Investment Review Board (FIRB) approvals, and the removal of counter-productive foreign tax surcharges for commercial property and new developments.

The Property Council has also called on the Commonwealth, state and territory governments to support the fast-tracking of property and infrastructure projects from the public and private sectors that have the greatest potential to catalyse further economic growth.

This includes the prioritisation of government property projects that will catalyse further urban renewal and private sector investment, as well as fast-tracking surplus government land disposal to stimulate further activity, urban renewal and investment. 

A full summary of the Property Council’s recommendations is available here, https://cdn2.hubspot.net/hubfs/2095495/_Communications/7 point plan/7 point plan summary.pdf

Download the full Property Council’s Seven Point Plan for Economic Recovery, https://cdn2.hubspot.net/hubfs/2095495/_Communications/7 point plan/Property Council_7 Point Plan.pdf

 

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Source:  Property Council of Australia - www.propertycouncil.com.au

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