Keeping property dynamic
Competition has made our industry one of the most dynamic in Australia.
We work in an industry that is creative, dynamic and highly productive – margins are always tight, but that’s a reflection of the competitiveness within our sector. To use the Prime Minister’s phrase, we are ‘nimble and agile’.
While other parts of the economy are undergoing enormous transition, our industry is reporting record building commencements (215,000 last year) and record finance for owner-occupiers to buy their own home. New data released by the ABS this week also confirms that our industry is generating more profits than the mining industry.
Our industry is vital to the economy – and why sudden changes in tax are an economic risk.
Not only are we at the forefront of making our cities more liveable and building the infrastructure that Australia needs, we are helping Australians from all walks of life secure their financial future.
This is why the current debates over negative gearing and capital gains tax are so important.
The Opposition has already stated its position – to curtail negative gearing and increase capital gains tax. The Government’s final position will be known soon.
With potentially only days until the Government’s decision, we are reminding politicians that:
- Property provides 1.1 million jobs, more than mining and manufacturing combined
- Almost two million Australians own an investment property – including 1.2 million who negative gear
- Australians already pay $72 billion a year in property taxes
As the clock ticks towards a decision, we will continue to put the case for an industry that is vital to the economy and our country’s future.