FEDERAL ELECTION AND LAND TAX DOMINATES DISCUSSION AT QUEENSLAND PROPERTY LEADERS LUNCH

Post-election business sentiment, increases to land tax and the impending introduction of a foreign owner surcharge dominated the discussion at the Queensland Property Council’s Property Leaders Lunch last week.

Participating on the panel discussion were some of the property industry’s most prominent leaders including: Daryl Browning, Chief Executive Officer – ISPT, Carmel Hourigan, Global Head of Real Estate – AMP Capital, Michael O’Brien, Managing Director – QICGRE and Mark Steinert, Managing Director & CEO – Stockland.

Speaking to an audience of over 360 guests, Carmel Hourigan from AMP Capital set the tone of the discussion by stating: “We need to have governments that are going to set the foundations for growth.

“When it comes down to the property industry, what we are looking for is stability, transparency and good population growth. If we get those things right the property industry will do well.

“I think there are some very courageous things we could be doing and I hope in time we can sit here and say, ‘wow, we are incredibly proud of what we have achieved’ and know we are set up for the future and we don’t have this revolving door of policy.” Ms Hourigan said.

Michael O’Brien from QIC GRE identified opportunities that lay ahead of the Federal Government since the successful implementation of income tax reform, “The opportunity for the federal government is to make much more significant and ongoing tax reforms that will genuinely stimulate the economy. These reforms need to be changed at a corporate and individual level.

“At a corporate level, we need to attract foreign investment and make us really competitive, particularly in the Asia pacific region but I think there is significant scope, given the health of the economy for individual tax reform as well.” Mr O’Brien from said.

Daryl Browning from ISPT reflected on the role business sentiment plays in kick starting the economy, “It’s very much a sentiment game, now that the Federal Government has delivered income tax cuts and a number of other initiatives now in place, sentiment should start to improve and then government can start on nation-building-type projects and get real pay off through those.” Mr Browning said.

When the panel was questioned on the pending two per cent foreign owners surcharge Mark Steinert from Stockland responded strongly, claiming the property industry doesn’t seem to have the voice that it should have. And encouraged everyone in the room to speak up.

A special thanks goes to our support sponsor Ray White Commercial.

To view photos of the event click here.