Property Council welcomes release of the CRR business case

The Property Council of Australia has welcomed the Queensland Government’s release of the Building Queensland Cross River Rail business case.

“The release of the business case provides welcome transparency around the State’s justification for the project” Property Council Queensland Executive Director, Chris Mountford, said.

“A publicly available business case will enable industry, and the wider community, to have the opportunity to fully engage in a discussion about the merits of the project.”

“The Property Council has always supported the planning and provision of major infrastructure to meet the needs of our growing population. Not just for the immediate impact that these projects have in stimulating the economy, but more so for the longer-term productivity, growth and city shaping potential that they unlock.”

“CRR provides long-term city shaping opportunities, which would enable the property industry to create prosperity, generate jobs and build a wealth of new urbans spaces.”

“The Government’s decision to fully fund the project without resorting to economically harmful ‘value-capture’ models will ensure that the full uplift potential of the project is not compromised.”

“A poorly designed ‘value-capture’ framework could end up as a tax on growth and undo the economic good that the project supposed to bring to the city.”

“It is important to remember that property owners already directly pay infrastructure charges, GST, stamp duty, land tax, local government rates, capital gains tax and a raft of state and local government fees when developing and owning property. Most of these taxes already increase when the value of a property increases.”