Supercharging planning critical to unlocking billions from Victorian precincts
A new report produced by the Property Council of Australia has revealed that billions of dollars of investment and thousands of jobs would be generated by advancing new precinct planning in Victoria but streamlining planning is the key.
The report found an average precinct development generates $5.7 billion in economic activity. With around 20 potential precincts in the State, thousands of jobs for Victorians depend on State Government having a laser-like focus on precinct planning.
To ensure the economic advantages of precinct development are prioritised as part of the State’s recovery plan, the Property Council has called for the creation of a Precincts Authority with vital powers to promote and oversee development over the full lifecycle of the project.
Property Council of Australia, Victorian Executive Director, Cressida Wall, said an authority with end to end management powers would create a bridge between the private and public sector, maximising social and economic outcomes.
“An authority, established to advance precinct development, would help Victoria to get more bang for its buck in the crucial COVID-19 recovery period.”
“The next phase of Victoria’s development cycle cannot just be business as usual. It needs big ideas and policy settings that drive innovation, and that is why the Property Council is calling on the State Government to create a Precincts Authority to support and shepherd precinct projects such as Arden through their whole development lifecycle.”
“Any conceptualisation of proper precinct planning must place economic impact as one of the highest priorities, particularly as part of a COVID-19 recovery effort.”
“In the face of challenging economic headwinds and with heightened uncertainty affecting immediate demand and investment, the role of government in the development cycle is even more critical. By enabling and supporting the private sector to continue to build through the economic downturn, the government can ensure that vital infrastructure and housing supply exist for economic recovery.” Ms Wall said.
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