Property industry to lead Victorian economic recovery

The Property Council of Australia (Victoria) has revealed its plan to help secure Victoria’s long-term prosperity following the COVID-19 pandemic.

The plan could see $24.4 billion worth of economic activity injected into the economy. With thousands of jobs at risk from the COVID-19 crisis, the proposal would create or protect as many as 315,000 jobs.

Following yesterday’s Federal Government HomeBuilder announcement, the plan proposed by the Property Council outlines opportunities for the State Government to target its stimulus measures to maximise economic impact – identifying not just immediate residential stimulus but also long-term solutions, across the property sector, to support the economy.

“The proactive approach taken by the State Government in supporting the property sector through early stimulus measures has ensured Victoria is in a position to combat the economic challenges ahead – but the road to recovery is a long one,” said Cressida Wall, Victoria Executive Director, Property Council of Australia.

“Our plan calls for stimulus that will support strong investment, drive job creation and security, speed up projects and make sure Victoria can get back on track quickly,” Ms Wall said.

The Property Council’s plan focuses on seven pillars and identifies a number of possible levers available to the Government to support economic activity.

  1. A housing construction economic kickstart.
  2. Catalyse projects to accelerate growth.
  3. Resetting the housing affordability equation for Australians.
  4. Tax settings to drive productivity.
  5. Remove the brakes on development activity.
  6. Open Victoria to the world.
  7. Supercharge planning to support Victorians’ new way of life.

The Property Council has also called on all levels of Government and industry to work together to get Victorians safely back to work, enhance consumer, household and business confidence and set the State on a high-productivity trajectory.

“Getting the economy back on track is critical. With the support of all levels of Government, the property industry, as a whole, can deliver jobs, drive up confidence, generate economic activity and energise our economic recovery”.

Media contact: Emily Young p: 0475 161 328 e: eyoung@propertycouncil.com.au