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Revitalising the CBD is crucial to economic recovery

The latest results from the ANZ/Property Council Survey show that while confidence has begun to return to Queensland’s economy, a lack of activity in city centres is of increasing concern for the property industry.

Property Council Queensland Executive Director, Chris Mountford, said that while it was encouraging to see confidence levels in Queensland increase slightly from 71 index points in September 2020 to 79 index points in December 2020 (with 100 being a neutral level of confidence), sentiment in Queensland remains behind all other states except Victoria (64 index points). 

“It is disappointing to see Queensland yet again at the back of the pack when it comes to industry confidence, particularly given the easing of COVID restrictions here compared to other jurisdictions,” Mr Mountford said.

“The country is facing its biggest economic recovery task in a generation, however with an election campaign also underway, Queensland has an additional challenge in restoring confidence within the industry. 

“While most sectors of the property industry have seen a slight improvement in confidence, commercial office growth expectations have gone backwards over the past quarter.

“Survey results have also shown a huge spike in respondents identifying ‘vibrant city centres’ as a critical issue to be addressed by State Governments.”

As part of its election advocacy, the Property Council has called on political candidates to commit to a ‘return to the city’ campaign to drive the reactivation of Brisbane’s CBD.

“The Prime Minister recently ordered all federal public servants back to the office where it is safe to do so. With very few new cases of COVID in Queensland, the Property Council is calling on State political leaders to echo the Prime Minister’s call and encourage state public servants and businesses to return to their office.

“Along with a focus on our CBD, we are calling on political parties throughout this election campaign to commit to bold changes that will drive economic activity in Queensland.

“Tax reform, foreign investment, catalytic infrastructure and social housing are among the many policies being promoted by the Property Council to harness the capacity of the private sector to lift the trajectory of our economic recovery.”

To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here. To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, click here.

Media Contact: Chris Mountford | M 0408  469 734 | cmountford@propertycouncil.com.au