Built environment pivotal to SA’s economic transition

The Property Council of Australia has welcomed the latest CommSec State of the States report, highlighting the importance of the built environment in transitioning South Australia’s economy.

The report reveals that South Australia has improved across economic growth, equipment investment and housing finance sectors, lifting from sixth to fifth position in the last quarter.

SA Executive Director of the Property Council Daniel Gannon said smart cities are built on smart decisions that lead to growth.

“As South Australia – but particularly Adelaide – transforms into a smart, vibrant, green jurisdiction of the future, the property sector will play a pivotal role in better managing infrastructure and the consumption of resources to build a strong investment brand.”

“Our built environment can drive innovation in the knowledge economy through urban infrastructure, resulting in livable, vibrant cities that are critical to South Australia’s prosperity.

“Commitments from policy-makers to urban projects like the city’s tramline extension, laneway and public realm activation, North Terrace and our world renowned ‘eds and meds’ facilities, will increase the attractiveness of our city to investors.

“From a broader perspective the message to investors is now very clear: if you want to pay lower taxes on property transactions, then invest in South Australia.

“Recently we’ve seen Queensland, Victoria and NSW in a race to the bottom by slapping counterproductive taxes on foreign investment, risking housing supply in our major capital cities.

“In shaping a thriving future for South Australia, we need to create an environment that turns our state into a hub of innovation and investment. Lowering our tax regime and cutting red tape will help attract investment and lift productivity.

“To create jobs and for South Australia to thrive, we need to build the best tax environment for business and make smart decisions that lead to growth.”

Please see below statistics about the importance of property to the South Australian economy:

  • Property is South Australia’s largest private sector employer and biggest industry
  • It accounts for 10.8% of the state’s economic activity (or $10.5 billion)
  • It builds prosperity by paying $4.4 billion in wages and salaries – one in six people draw their wage directly or indirectly from property
  • One million South Australians have a stake in property through their super funds
  • Property is the largest single industry contributor paying 56.6% of state taxes, local government rates, fees and charges
Media contact: Daniel Gannon | dgannon@propertycouncil.com.au