Home Property Australia Chief Executive | Growing the national pie in the 48th parliament

Chief Executive | Growing the national pie in the 48th parliament

  • May 07, 2025
  • by Mike Zorbas
With a second term secured Prime Minister Anthony Albanese and the 48th parliament face challenges including trade uncertainty, ongoing deficits, new defence spending pressures and the need for strategic planning and pro-investment policies to drive productivity and infrastructure development.

We have congratulated Anthony Albanese and his team on their hard-won election victory and acknowledged all outgoing parliamentarians for their service to the nation.

What now?

Some features of the new parliament to consider as the results are finalised: 

  • Trade uncertainty will continue

  • A decade of Federal and state deficits remain ahead

  • New defence spending will add to the temptation for higher federal taxes

  • On current projections the Government will need either, and only, the Opposition or the Greens to pass legislation through the upper house (projected ALP 28, Coalition 26, Greens 11, other 6, 5 uncertain – with 39 required to pass legislation)

  • While the Greens remain strong in the Senate, they have had key representatives removed in the House including their housing spokesperson

  • There will be many ALP MPs in the lower house with time on their hands. More than ever from the left of the party. A long tail is hard to manage as PM Howard well knew

  • The Coalition’s policy post-mortem and Cabinet line up will be complicated by the higher proportion, one third, of nationals in the party room.

What next?

It will take a long time for ministers new and old to get the machinery of their departments moving to industry’s satisfaction.

The Treasurer said on 3 May that the “The first term was primarily inflation without forgetting productivity; the second term will be primarily productivity without forgetting inflation.”

Better planning our capital and regional cities and providing the homes and industrial and commercial property assets the nation needs is a high priority for the government. We will push them to double down.

Beyond this, pro-investment settings that attract overseas money to build our future city assets must be a priority for National Cabinet.

Tax settings. FIRB, APRA and ACCC regulations. Environmental approvals. Industrial relations in the construction sector.

These are the key challenges we will start working on this week ahead of the formation of the 48th parliament.

Next week: the shape of the new government

Spicy political commentary - best paired with a Barossa red. With the terrific South Australian team at their Leaders’ Summit.