19 September 2023
Media Release
Property Council welcomes Minns Government’s first Budget putting housing front and centre
The Property Council of Australia has welcomed the Minns Government’s first NSW State Budget, which has put housing front and centre with key investments across planning, infrastructure and housing.
Property Council NSW Executive Director Katie Stevenson welcomed the NSW Government’s well targeted $3.1 billion housing and planning investment package and was pleased to be able to discuss the Budget with Minister Scully directly earlier this afternoon.
“Treasurer Mookhey’s Budget sets the foundations for the NSW Government to tackle the state’s housing supply and affordability crisis,’ Ms Stevenson said.
“We welcome the focus on leveraging government land and delivering housing to those in greatest need in our communities.
“Landcom and LAHC are major beneficiaries in this Budget, resourcing them to upscale the delivery of affordable and social homes across the state, including in our regions.
“Industry will be pleased to see a focus on improving planning system efficiency through the Faster Planning Program, including assessing housing supply opportunities across government-owned sites and $5.6 million for an Artificial Intelligence pilot to deliver planning system efficiency.
“Increased funding for social and affordable housing and investigating the use of Artificial Intelligence to make the planning system more efficient were key reform asks from our recent Housing Outcomes report, so we particularly welcome their inclusion as part of the Government’s first Budget.
“There is an enormous difference between land that is simply rezoned and land that is ‘development ready’ – the missing ingredient is enabling infrastructure such as water, roads and transport.”
Ms Stevenson said she was pleased to see $2.2 billion allocated specifically for infrastructure to enable the new housing to be delivered.
“It is also welcome news that the NSW Government has largely stayed the course on its infrastructure investment program, with $116.5 billion allocated over the next four years, providing important certainty to industry and communities,” she said.
“On average, NSW Government will spend $29.1 billion across the four-year budget cycle on infrastructure, which will likely test the ongoing capacity of the civil infrastructure market, requiring a laser like focus on delivery to ensure the residential construction market is not squeezed out.
“While the focus on housing and infrastructure is welcomed, industry will be disappointed that the NSW Government has not delivered a funding boost for CBD activation in this Budget.
“Our cities are the major economic engines of our state, and while the $26 million investment in expanding the work of the Office of the 24 hour Economy Commissioner is welcome, a large-scale funded program to turbocharge CBD revitalisation is needed.”
ENDS
Media contact: Aidan Green | M 0491 030 028 | E [email protected]