Five point plan for prosperity, jobs and strong communities

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The Property Council of Australia policy platform for the 2019 federal election sets out a five-point plan for prosperity, jobs and strong communities.

The Property Council has proposed a comprehensive range of policy initiatives to provide a good home for all Australians, build a strong economy, create great Australian cities, encourage investment and deliver an affordable and sustainable energy roadmap.

Property Council of Australia chief executive Ken Morrison said: “The federal election will be held during a time of increasing uncertainty for the property industry, especially in housing markets, and this will have a broader economic impact.

“Building approvals, construction levels and housing lending are all falling.

“Getting the policy settings right, delivering certainty and having the right incentives to support investment are essential if we are to continue to provide jobs for 1.4 million Australians and to deliver the housing and commercial property assets required by a growing nation.

“Now, more than ever, Australia’s property industry needs certainty and confidence for the longer-term that will encourage growth, investment and innovation and enable it to support a prosperous and growing Australia.

“As highlighted in our recent research, it’s certainly not the time to be making risky changes to well-established and effective policies such as negative gearing and capital gains tax for more than two million property investors who provide homes for the one-third of Australian households who rent,” Mr Morrison said.

Key initiatives in the Property Council platform include:

A good home for all Australians

  • Don’t risk changes to negative gearing and capital gains tax .
  • Boost state housing supply using federal incentives to get state planning right.
  • Appoint a Federal Housing Minister to oversee reform and reinstate the National Housing Supply Council.
  • Champion Build-to-Rent housing through a full review of its benefits and policy changes required; adopt consistent withholding tax rates consistent with other forms of institutional real estate, and offer incentives for private sector development of affordable housing within new BTR project.
  • Improve housing choices for older Australians, including incentives to ‘right-size’.

A strong economy

  • Create a positive national population policy that supports a growing nation.
  • Strengthen the supply of domestic credit.
  • Improve productivity by implementing the Productivity Commission’s five-point reform blueprint.
  • Create a competitive tax system to underpin growth and investment.

Great Australian Cities

  • Expand and strengthen City Deals as an economic development for a city region supported by all levels of government.
  • Create a high-level Cities Advisory Board to support city shaping actions of governments.
  • Boost spending on infrastructure, including through the revival of the highly successful Asset Recycling Fund.
  • Prioritise the ‘right’ infrastructure as assessed by Infrastructure Australia.

An attractive investment framework

  • Encourage international investment in Australia.
  • Maintain a globally competitive property-funds management regime.

An affordable and sustainable energy roadmap

  • Implement a National Energy Guarantee (NEG)-style regulatory framework with market signals for long term emissions reductions as well as reliable and affordable power.
  • Prioritise a national net-zero carbon buildings plan and code.

Source: Property Council of Australia