Welcome to the first issue of Property Australia for 2019 – one that’s shaping up as an important year for the Australian property industry.
The political temperature is rising in as we countdown to the New South Wales state election on 24 March and the federal election which is due to be held by May. As you’ll read in this issue, there are some big policy issues at stake around proposed changes to negative gearing for property investments. The early federal budget on 2 April will also be a scene-setter for the political contest to follow.
In coming days, the final report of the Hayne Royal Commission into misconduct in the banking and financial services industries will be presented to the government. Its recommendations will have not only a significant impact on the future of our financial services institutions, but also for the rest of the Australian economy.
A strong, stable and well-functioning financial system is absolutely vital for the property industry and its capacity to invest and grow. Policy-makers must assess any response to the royal commission against the potential impact not just on financial institutions and their customers, but also the flow-on effects to households and businesses across the rest of the economy.
There are challenges ahead, but our industry is also very well-served by leaders who contribute to its success as well as the well-being of the wider community. The Australia Day honours list included well-deserved recognition for the late Stan Perron AC (an Australian Property Hall of Fame inductee), Property Council Queensland president and national director Laurence Lancini, our former chief executive Peter Verwer, and Green Building Council of Australia CEO Romilly Madew for their contributions to the Australian community. Our warm congratulations and thanks to all!