BUDGET PLAN TO KEEP WA GROWING
The Property Council of Australia is calling on the State government to focus on growth and building business confidence, to keep WA growing in the upcoming State Budget.
"We are calling on the Treasurer to set the ground work for WA to grow out of its Budget problems," Property Council WA Executive Director Lino Iacomella said.
Property Council’s Five-Point Plan to Keep WA Growing in the 2017-18 State Budget is:
- Boost confidence in the investment and construction sectors by not increasing State property taxes;
- Activate economic activity by implementing strategic stamp duty reforms;
- Lift small business confidence by announcing a state tax review to phase out land tax aggregation and move to a flatter land tax structure;
- Broaden government revenues and drive urban renewal by stepping up the state’s asset sale program; and
- Provide greater certainty for major projects by fast-tracking the introduction of a state infrastructure strategy and encouraging more public-private partnerships in the delivery of major infrastructure.
“Despite challenging economic conditions West Australians are the second highest taxed State per capita, according to data from the ABS. Property taxes in WA like land tax have grown at a faster rate than the rest of Australia despite the depressed state of the local property market.
“There is absolutely no capacity for further increases in property taxes.
“What we need now is a mix of confidence building initiatives like genuine tax reform and growth initiatives like a plan for major infrastructure investment in WA,” Mr Iacomella said.