Property industry now Australia’s biggest employer
The property industry now employs more than 1.4 million Australians – more than any other sector in the economy – finds new analysis by AEC Group.
Property has overtaken health care and social assistance as the biggest direct contributor to employment in Australia by industry.
Property has also extended its lead as the biggest direct contributor to gross domestic product, totalling $202.9 billion in 2015-16.
The industry contributes some $87.9 billion annually in combined Australian, state, territory and local government tax revenues.
Property Council chief executive Ken Morrison says the new research shows how vital the industry is to creating jobs and communities.
“More than one in four wages rely on our industry – that’s a huge contribution to the livelihoods of individuals and families across the nation,” Morrison says.
“This data highlights the interlinked benefits of a strong property industry – construction activity not only helps boost supply and take the pressure off house prices, it also creates jobs for over 1.4 million Australians.”
Morrison says property is a “broad, solutions-orientated industry”.
“Our industry is focused on helping people access housing that’s affordable and creating cities with good infrastructure, jobs and services that make them more liveable.
“Australian property companies are already world leaders in sustainability and we want to raise the bar higher still on the energy performance of our buildings.”
For seven years running, Australia’s largest property companies have ranked first in the world in environmental, social and governance performance on sustainability according to the international GRESB survey.
The release of this new research marks the launch of a community-facing campaign by the Property Council to tell the industry’s compelling job-creation story.
Creating for Generations highlights the scope of the property industry, encompassing everything from residential to retirement, retail to office and industrial, and its role as Australia’s biggest generator of jobs and economic activity.
Learn more about property’s contribution to Australia.