Survey says economy must be the focus in local and state elections

The latest results from the ANZ/Property Council Survey show confidence in the Queensland property industry has remained flat, marginally improving by three index points from the last quarter.

However, Queensland recorded the second lowest confidence levels out of all Australian jurisdictions, five index points behind NSW, Victoria and WA and is four index points below the national average.

Property Council Queensland Executive Director, Chris Mountford, said that the results clearly show that industry remains uneasy about economic conditions heading into a year that will see both local and state elections.

Queensland respondents had the lowest expectations for state economic growth, and were also negative about national economic growth over the coming 12 months.

“These results should set a tone for this year’s elections. Industry is clearly looking for both local and state governments to step up and put a greater emphasis on unlocking economic activity,” said Mr Mountford.  

“With the property industry directly accounting for 11.4 per cent of our state’s economic activity and paying 49 per cent of Queensland State and local taxes, policies that support the property sector should be top of the pile during these elections.

“Respondents identified yet again that property taxes and charges are at the top of the list of issues needing to be addressed.

“Issues such as housing supply, affordability and planning regulation also rated highly, with both the state and councils having major roles to play on these issues.

“The risk this year is that elections generally increase uncertainty and slow economic activity.

“The State and councils across Queensland need to make it a priority to not only have strong economic policies to take to their elections in 2020, but also to be doing everything in their power to keep the economy ticking along through this period.”    

Note: The ANZ/Property Council sentiment survey was taken prior to the State Government’s announcement of a revised foreign land tax surcharge exemption framework.

Property tax reform in Queensland remains the Property Council’s highest priority and we look forward to continuing to work alongside Government in the finalisation of the exemption framework.

To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here. To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, click here.

Media contact: Chris Mountford |  M  0408  469 734 |   E  [email protected]