The Property Council has harnessed the intellectual firepower of retail, logistics, property and finance titans to develop 10 stimulus measures that can rebuild confidence and reboot the economic strength of Western Australia.
Emerging stronger together: Leveraging the property industry to support Western Australia’s economic recovery was written and directed by consultancy NS Group.
The report was informed by the expertise of heavy hitters from Foundation Housing, Masonic Care WA, Bankwest, Hawaiian, Deutsche Bank, Minderoo, Curtin University, EY, Lavan, Brookfield, Iris Residential, Lendlease, Multiplex, AMP Capital and Mirvac.
Charter Hall’s non-executive chairman Greg Paramor, Dexus CEO Darren Steinberg and Wesfarmers general counsel Maya vanden Driesen were also consulted.
Sandra Brewer, the Property Council’s executive director in WA, says the property industry – which employs 233,000 West Australians – has “almost unlimited potential” to support the state’s post-pandemic recovery and future prosperity.
“The state government is overhauling the planning system and stimulating the housing sector. These tremendously positive initiatives could be turbocharged with our 10 hard-hitting ideas,” she says.
The list of 10 initiatives include:
- WA is open for business: Implement a targeted international immigration and investment engagement program.
- Property tax reform: Incentivise the progression of new developments and strengthen job security through tax reform.
- Affordable housing: Allocate direct funds and land equity towards affordable housing in targeted property developments
- Partnerships: Replicate the WA Schools Public Private Partnership (PPP) Project or similar.
- The ‘new’ New Industries Fund: Form and fund a ‘New Industries Taskforce’ to build the capacity of existing industries to foster new areas of competitive advantage.
- Commercialising research collaboration: Form and fund a research commercialisation group to build a world-leading destination for investment and business.
- Infrastructure pipeline: Prepare and deliver a 20-year state infrastructure plan.
- City building: Support partnerships with industry through the activation of key precincts.
- Asset sales: Reinvigorate the state government’s Land Asset Sales Program and target the use of existing Crown land in strategic locations.
- Precinct energy: Develop a targeted precinct energy investment program that minimises carbon production, decreases energy costs and feeds renewable energy back to the grid.
NS Group Chairman Ross Donaldson says the global upheaval created by the pandemic is an “opportunity to think differently”.
“We must not squander this chance to think smarter about how we can capitalise on this to create a positive longer-term legacy for West Australians,” Donaldson says.
Images by Harry Cunningham