Australia’s economic recovery has been remarkable. We have now seen two consecutive quarters of economic growth at more than three per cent and our unemployment rate stands at an impressively low 5.6 per cent.
These figures have been matched by a near record level of industry confidence in this month’s ANZ/Property Council industry survey.
While the COVID recovery has been strong, it has not been without hiccups – as last weekend’s Perth lockdown has reminded us.
Yesterday’s release of CommSec’s State of the States report also reminds us that the recovery is not even and highlighted the importance of population growth to Australia’s long-term outlook.
Population growth is a key element in the report’s methodology, so it’s no surprise to see the two states that are most dependent on international arrivals for their population growth – NSW and Victoria – sink lower in this year’s rankings.
We need solutions to our population problem and this cannot wait until after the vaccine roll-out. The Property Council has been advocating for a strengthened, expanded and higher capacity quarantine process which will enable Australia to resume net overseas migration in a COVID safe way. Australia can choose growth and still stay safe.
And finally, I am delighted to announce that Jane Fitzgerald will be the Property Council’s new chief operating officer, taking over from Kathy Mac Dermott who will leave the role in July.
Jane is well known to many of you as our current NSW executive director. We are fortunate to have a depth of executive talent in the organisation and Jane’s appointment gives us a strong base to tackle the challenges and opportunities of a post-COVID world. A search process will now commence for a new NSW executive director.