This morning we are appearing before the Senate Economics Legislation Committee.
We are championing critical changes to draft laws that are make or break for an investable, scale build-to-rent (BTR) housing option in Australia as seen successfully in the US and the UK.
Our allies in the BTR hearings, CHIA and Shelter, want what anyone serious about our housing challenge wants. More great homes faster.
BTR offers secure tenure in customer-led, professionally managed communities and can boost the supply of much needed affordable and at-market rental housing.
We know from EY analysis that a clean 15 per cent MIT withholding tax rate for BTR projects could create 150,000 new rental homes over 10 years. Reducing the rate to 10 per cent for BTR with affordable housing could add 10,000 affordable homes in the same period.
The federal government has failed to make the most of that 160,000-home opportunity but the compromise we are now proposing can still yield 105,000 homes over the next decade.
If improved and passed before the Federal election, that means the draft legislation could enable 40,000 – 50,000 homes by 2029.
- More homes than the Government’s centrepiece Housing Australia Future Fund (HAFF) will deliver.
- More low-income housing than the HAFF
- Without our changes these homes will not be built.
Fresh EY analysis of our compromise model shows that addressing drafting issues in the Bill, implementing a 10 per cent MIT withholding tax rate and applying a 30 per cent household income test for affordable tenancies could still result in 105,000 rental homes.
The kicker: It would cost the government a paltry $9.3 million over a decade.
105,000 extra homes at cost to government of $9.3 million is one of the great no-brainers of modern Australian politics.
Today the Senate needs to consider the tens of thousands of renters left struggling in an even tighter rental market if this Bill cannot be rescued.
We are looking for the support of all federal parties in making this vital housing option an investable reality.
Darwin
An honour to moderate the biggest debate of the tight NT election race last week for our terrific NT Executive Director Ruth Palmer.
The event included many Cabinet and Shadow Cabinet Ministers, former territory leaders and senior public servants and received wall-to-wall coverage.
The debate itself was notable for government and opposition adoption of sound Property Council policy, the polite vigour of the exchanges and Ruth’s ruthless timekeeping.
With thanks to President Patrick Bellot, Life Member Trevor Dalton and Dallas and Josh for making me welcome as always. The NT election takes place on Saturday 24 August.
Committee lists announced – nominations from 4 September
Thank you to everyone who has sat on a Property Council Committee for the past two years.
Committees are the secret sauce of our advocacy impact around the country.
2,500 of you regularly shape and improve our policy and advocacy, events, industry research, professional development and awards programs.
Nominations for our refreshed Committees for 2025 – 2026 will open on 4 September.
We have just announced the list of Committees operating from 2025, which you can see here.
Check out your opportunities ahead of the nomination period and keep your eyes peeled for more information.
Next week – backing our CBDs…