What will this election mean for property

What will this election mean for property?With just over a week to go until we head to the polls in NSW, our political leaders have been outlining key elements of their plans for the future of our state. So what’s the impact for the property industry?The Property Council engages with all political parties in NSW and seeks to work with whichever party forms Government. But we are making a clear case to both major parties to address the challenges facing our growing state. These were outlined in our election platform.InfrastructureIn this election, both major parties have committed to investments in infrastructure, with the main difference the means of funding, the projects committed to, and timing of delivery.The Liberal National Coalition has committed $20 billion raised from the long-term partial lease of the electricity transmission network, known as the poles and wires. This $20 billion has been pledged towards projects such as the second harbour rail crossing, roads renewal projects including WestConnex, a $1 billion social and affordable housing fund, a $2 billion schools and hospital building fund, and $6 billion for regional infrastructure. The Labor Party has vowed to retain the poles and wires in full public ownership and operation, instead accessing funding of $10 billion from within the existing revenue base to invest in their infrastructure program. Labor has also committed to building the second harbour rail crossing (but at a later date and without a clear funding source), parts of WestConnex, a $3 billion health and education fund, and $3 billion for rural and regional infrastructure. Property industry taxesThe Property Council opposes Labor’s plan to defer the abolition of business stamp duty taxes which have been promised since the introduction of the GST in 2000. Governments should first access equity from government-owned assets to fund new infrastructure before burdening business with inefficient and unproductive taxes.Planning reformNeither major party has committed to undertaking the crucial planning reform that NSW needs. Each party has made commitments aimed at increasing housing supply or affordability – the Liberals/Nationals have committed to increasing land supply while Labor has announced a HECS-style stamp duty repayment system for first home buyers.Local government reformBoth parties have committed to local government reform. The Liberals/Nationals’ Fit for the Future plan seeks to professionalise and reduce the number of councils in metropolitan Sydney. Labor aims to improve governance and leadership through fixed terms for mayors, while stating their opposition to forced amalgamations.