Corridors of Power – 8 September 2015
Economy grows 0.2 per cent supported by the property industry; 2015 Queensland Retail Property of the Year Award winners announced and the Property Council advocates for no rates cap on growth councils in Victoria. Stay up-to-date with all the latest government developments affecting the property industry here each week.
On Monday the Abbott Coalition Government marked its two-year anniversary in office. The Prime Minister listed a number of achievements to date including the creation of more jobs, backing small business with lower tax rates, abolishing the carbon and mining taxes and $ billion infrastructure program.
Last week’s National Accounts figures showed real economic growth rose by 0.2 per cent in the June quarter. Federal Treasurer Joe Hockey acknowledged the contribution of the property industry to this result: “Sales are underpinned by investment in housing, which is 7.4 per cent higher over the past year. Furthermore we saw a rise in building approvals yesterday to near record high levels, indicating there is a more construction to come in the months ahead.”
ABS Consumer Spending (Retail) data released on Thursday showed consumer spending was down 0.1 per cent and CPI remained at 1.5 per cent.
In the nation’s capital this week the Property Council is co-hosting the Transforming Canberra’s CBDForum, which will include some of the country’s foremost economic, planning and design experts. It follows a disappointing announcement by the ACT Government to back down on plans to redevelop the entire Northbourne Avenue public housing precinct. ACT Executive Director Catherine Carter (pictured) has called for “a new strategic plan which outlines how these buildings will be re-lifed and incorporated into the urban regeneration of the area – and that includes how we are going to fund a substantial renovation.”
In NSW, the Property Council has welcomed the formation of the Greater Sydney Commission saying Sydney will be better positioned to close the jobs deficit in our west and housing supply gap. “Given a proper mandate and a meaningful capacity to deliver results, the Commission can act as a game-changer that overcomes dysfunctional city planning,” said NSW executive director Glenn Byres. The Property Council first called for an independent authority to take charge of metropolitan-wide city planning in 2006.
In Queensland, the winners of the 2015 Property Council Queensland Retail Property of the Year Awards have been announced. Cousins Jim and Robert McConaghy took out the annual President’s Award and the South Bank precinct retained its title of Retail Property of the Year award for the second year running.
In another worthy celebration, this time in Victoria, the results from the annual gala ball have also been tallied. Hosted by the Property Council in Melbourne on 29 August, the event raised over $100,000 with over 580 industry leaders and professionals coming together to help the PIF House Program and the Lighthouse Foundation.
Also in Victoria, the Property Council has this week called for an exemption for growth area councils from the state government’s rates capping plans, due to be introduced next year. In its submission on the framework Victorian Executive Director Jennifer Cunich argued “While a uniform rates cap is supported by the industry, the framework needs to recognise the unique pressures faced by councils experiencing Victoria’s population growth.”