I hope January has been kind to you.
While Property Australia has been off getting a handsome Summer makeover, we have been up and about.
This morning sees the team and I front a key Senate Committee for a second time on federal ThinCap changes.
Last seasons’ recap: palatable, supported OECD base erosion principles devolved into federal revenue-raising that ignored negative impacts on investment into building Australian cities, giving capital allocation advantage to US and UK markets where they are safe harboured.
The sustained advocacy led by our Capital Markets Division reversed many of the worst elements of the changes but by no means all. Having elevated the issues, we gained more allies in other industries toward the back end of 2023 but despite the overwhelming logic of our position and support from key Senators, we remain wary of governments bearing structural deficits. More to come.
Nationally we are spotlighting the need for more construction trades as part of a smaller overall migration intake, proposing many specific measures through our pre-budget submission and going broader in Monday’s Australian Financial Review opinion piece on key housing and planning actions needed for 2024.
Our thought leadership ahead of a number of state and territory budgets and elections continues to emphasise the dangers of ever changing and inflating state property taxes especially in Victoria and NSW and a re-emergence of red tape mania typified by the ACT government’s investment draining developer licencing regime.
We have also taken the time to enjoy some great Australia Day honours conferred on our industry leaders, including but not limited to Joan Cordell AM (Property Council Hall of Famer), Elizabeth Perron AM and Peter Hodge OAM.
I speak for the team across the country when I say we are already enjoying working with you in 2024. Here’s to an impactful year.
Vale Lang, force of nature and city shaper
Difficult to miss the weekend’s sad news of the passing of industry pioneer Lang Walker AO.
His remarkable leadership is well honoured in this Australian Property Hall of Fame video.
Our condolences to Lang’s family, friends and the Walker team.
Rest in peace Lang.