Let Property grow the Economy Campaign

Let Property grow the Economy CampaignProperty touches the lives of all Australians. We create prosperity, jobs and strong communities. Property is both a major part of the household balance sheet and the Australian economy. It is Australia’s biggest industry and the nation’s second largest employer. Australia needs a strong property industry now more than ever. That’s why we have launched this campaign to Let property grow the economy.The Northern Territory property industry consists of organisations and individuals involved in developing, operating and facilitating activities within the property industry that meet the residential and non-residential property needs of the Northern Territory. Typically this includes residential and non-residential construction along with finance, property and business services associated with property development and operation. While many of these industries are also involved in non-property related activities, this report examines only the contribution of the property related components of these industries to the Northern Territory economy. The definition of the property industry used in this report does not include ownership of dwellings, which are rents paid by tenants to landlords and imputed rents to owner occupiers.The property sector has a larger footprint on the Northern Territory economy than any other industry. It directly contributed $3.9 billion to Gross State Product (GSP) in 2013-14 (17.9%), and is estimated to have contributed a further $4.5 billion to Northern Territory GSP through flow-on demand for goods and services (20.4% of GSP). It also directly employed 22,763 full time equivalent (FTE) employees in 2013-14 (22.1 % of Northern Territory’s total), and supported some 19,739 FTE jobs through flow-on activity (19.2% of Northern Territory’s total). It directly paid approximately $1.3 billion in wages and salaries to Northern Territory workers (18.4% of Northern Territory total wages and salaries paid), and a further $1.4 billion to Northern Territory workers through flow-on activity (20.4% of Northern Territory total). The majority of property sector activity is generated by the non-residential property sub-sector. The property industry contributed approximately $356.0 million in combined Northern Territory Government tax revenues and Northern Territory local government rates, fees and charges revenue in 2013-14. This equates to 40.1% of total Territory taxes and local government rates, fees and charges revenues in 2013-14. Residential property ownership is not the only way every day Australians participate in the property sector; more than 140,000 Northern Territory residents have a financial stake in the property industry through their super funds. To view the full report https://www.propertycouncil.com.au/Web/Our_Industry/Our_contribution/Fact_sheets/Web/Industry_Leadership/PropertyStory/Fact_sheets.aspx?hkey=0fb4a6ff-aa87-486c-a8cd-dac21062e6bf