MCGOWAN GOVERNMENT RE-ELECTION PRESENTS NEW GROWTH OPPORTUNITIES POWERED BY PROPERTY

 The Property Council of Australia has congratulated the McGowan Government on its successful re-election and outlined several growth opportunities, powered by the property industry.

“Over the last term, the McGowan Government worked proactively with the property industry. This approach to policy-making served the state well and allowed WA to weather the economic storm of COVID-19,” Property Council WA Executive Director, Sandra Brewer, said.

With a new ministry to be announced shortly, the Property Council expressed a strong commitment to continue providing critical industry insights to the Government.

“WA is growing quickly, and with growth comes both opportunity and challenge. The first 100 days of government will see the end to the moratorium on rental evictions, ongoing labour pressures as the state continues to build significant infrastructure projects and increased health security as the vaccine rollout continues,” Ms Brewer said

“The Property Council stands ready to work on policies that will support affordable housing and add to rental supply. In particular, we are keen to work with the McGowan Government on creating pathways for a thriving Build to Rent sector which is already gathering pace on the east coast of Australia. We have a huge opportunity to create favourable tax settings that attracts investment and supports greater housing choice for West Australians.”

Ms Brewer also pointed to the delivery of the Perth City Deal as a big opportunity. “Construction of new inner-city campuses for Edith Cowan, Curtin and Murdoch universities will bring an estimated 25,000 students and staff into the city, as well as $1 billion of investment and 4,100 construction jobs. This can bring vibrancy to Perth’s city centre beyond the traditional business functions, provided we get it right.”

The Property Council also calls on the McGowan Government to commit to a comprehensive review of all property taxes by 2025. “The state government raises $1.1 billion in transfer and stamp duties alone each year. Disproportionate taxes exacerbate market pressures and make homes less affordable,” Ms Brewer adds.

“We look forward to working collaboratively with the McGowan Government to ensure that policy and tax settings attract and retain investment and talent, create affordable housing and vibrant places for West Australians."

Media contact:  Emily Young | P 0475 161 328 | E eyoung@propertycouncil.com.au