Confidence on the rise but work has just begun

Confidence on the rise, but work has just begunConfidence levels in the ACT property sector have grown in the last quarter, according to a leading indicator of business sentiment. The ANZ/Property Council Survey’s index for the June 2015 quarter shows sentiment has lifted by eight points to 119. A score of 100 is considered neutral. The quarterly survey polled more than 1,8 property industry professionals across all Australian states and territories on their forward-looking views regarding the business and political environment, the economy, employment intentions and other factors. According to Property Council ACT Executive Director, Catherine Carter, the ACT’s business confidence has improved more than any other jurisdiction in Australia – up 16 points over 12 months, compared with nine points for NSW and two for Tasmania. All other states’ sentiment has remained the same or decreased, including a 23 point fall in confidence in West Australia.”It’s heartening to see the ACT industry’s confidence growing. The forward work schedule looks healthy and the availability of debt finance has grown over the last quarter,” Ms Carter said.”However, we can’t afford to get complacent. While house price growth expectations in the ACT are strong, the office, retail and industrial sectors remain pessimistic- and this outlook is reflected in the economic vitality of our CBD and town centres.”Confidence in government performance has grown, which may be attributed to the ACT Government’s recent commitment to urban renewal, but the industry maintains a watching brief. Confidence in the government’s performance is still in negative territory, and this will only change when real outcomes are achieved.”While confidence is on the rise, the work to build a strong economy has only just begun. There is still some fragility within the local property and construction sector, and we need a new partnership between government and industry to deliver a thriving economy. “Industry is committed to working with government to encourage investment, create jobs and build strong, vibrant communities. Focusing on the right areas of reform will help the ACT’s economy get up to speed with the rest of the nation.” Media contact: Catherine Carter | M 0412 330 079 | E [email protected]