Last week’s Senate Committee ThinCap report mentioned the Property Council 73 times.
It was a flurry of aces. But if logic were the measure, we would have already won this policy debate.
You will remember that if the Treasury Laws Amendment Bill 2023 cannot be improved, an estimated 150,000 build-to-rent apartments, and the government’s 1.2 million homes target, hang in the balance.
The global capital that builds the largest productive parts of our cities from logistics hubs to the commercial hearts of our CBDs will have a clear competitive reason to head elsewhere.
Pleasingly, the Committee’s key recommendations align with our advocacy:
- Schedule 1 of the Bill be passed unamended
- Schedule 2 of the Bill be passed subject to technical amendments foreshadowed by Treasury.
Those Schedule 2 amendments foreshadowed by Treasury are “so they better accommodate trust structures, and the function of debt deduction creation rules and the critical anti-avoidance impacts they will have”.
This growing support for our position is a result of the strong advocacy work of our Capital Markets Division and based on feedback we have received from many of you.
We continue our advocacy, knowing fifth-set tie breaks can go either way.
(If you’ve read this far well done: reward yourself or a gifted colleague with our brilliant NY Study Tour 15-20 October – here.)
Victorian Government on housing partnership track
The Housing Statement shows Victoria can get its housing mojo back.
Premier Andrews executed the Statement as his final policy move before his resignation yesterday.
Months of our Victorian Division’s public thought leadership created the space for last week’s welcome 800,000 home partnership announcement.
Hat tip Anne Jolic, Division Council, Cath Evans and our terrific Property Council team for tireless top shelf advocacy across the reform package.
Join me and Victorian Treasurer Tim Pallas in conversation next Tuesday morning at RACV for the first chance to unpack the detail.