2015-2016 pre-budget submission

2015-2016 pre-budget submissionThe property and construction industry in NSW plays a critical role in the broader economy. The industry generates one in ten jobs, provides $16.6 billion in wages, pays $7.7 billion in State taxes to the NSW Government and contributes $44.5 billion (10.2%) directly to Gross State Product.We are witnessing the strongest housing starts in a decade, high levels of offshore investment, record stamp duties receipts, rising confidence in the NSW economy, and lower vacancy rates in our CBD.Last week the NSW Parliament passed the legislation to enable the $20 billion long-term partial lease of the state’s poles and wires. This will provide a significant opportunity for NSW to invest in much needed infrastructure to boost productivity in Sydney and across the State. But there is more to do.Research commissioned by the Property Council showed that without a substantial uplift in supply, Sydney alone is facing a housing deficit that will reach 190,000 by 2024.NSW needs to create the environment to facilitate the investment needed in new employment and housing, as well as infrastructure.The Property Council has put together a submission for the 2015-16 State Budget. Areas focused on include:Creating a stable funding line for the Greater Sydney CommissionNew funding for the Housing Acceleration FundClarity around the primary production land tax exemptionA fair Fire Services LevyAccelerating the roll out of Parramatta light rail with the stamp duty windfall expected for the 2014-2015 yearA NSW Office of Tax Reform to position NSW as a leader in the national tax reform debate.To access a copy of our pre-budget submission see the attached file below.