Property Council welcomes common sense Senate decision to send incomplete ThinCap Bill back to committee  

Home Media Releases Property Council welcomes common sense Senate decision to send incomplete ThinCap Bill back to committee  

Wednesday 6 December 2023 

MEDIA RELEASE 

Property Council welcomes common sense Senate decision to send incomplete ThinCap Bill back to committee  

The Property Council of Australia has welcomed the decision of the Senate to return the Treasury Laws (Making Multinationals Pay Their Fair Share-Integrity and Transparency) Bill back to a Senate Committee for further consideration during January 2024.  

The proposed changes in the Bill have already created significant disruptions to the flow of capital into the Australian property sector.  

Having worked for almost a year to improve some of the worst aspects of the original drafting, Property Council Chief Executive Mike Zorbas said the Senate’s move is a win for future investment in our cities.  

“The Property Council remains opposed to those elements of the Bill that harm the legitimate and essential city-shaping projects delivered by Australia’s world leading institutional property sector,” Mr Zorbas said. 

“Countries such as the US and UK have carefully structured appropriate exemptions for the institutional property sector, recognising the city-building value of the investment that flows through them.  

“The Property Council has proposed amendments that achieve both tax base erosion prevention and preservation of a viable and attractive investment market supporting the plain vanilla activity of commercial property trusts. 

“Among other benefits, our amendments would protect the positive potential of the federal government’s new build-to-rent housing policies which could deliver up to 150,000 new dwellings.  

“Without further amendment, this Bill will be remembered for hobbling the investment required to fund National Cabinet’s commitment to build 1.2 million well located homes by 2029. 

“We look forward to working further with the government and the Senate to ensure this Bill preserves Australia’s attractiveness as an investment destination and does not work against the government’s own housing goals,” Mr Zorbas said. 

 

ENDS 

Media contact: Rhys Prka | 0425 113 273 | [email protected] 

Ellie Laing-Southwood | 0416 007 830 | [email protected]