5-point plan to keep WA growing

 

The Property Council has released its five-point plan to keep WA growing  that will incentivise investment and boost the property industry without increasing State property taxes.

Despite challenging economic conditions West Australians are the second highest taxed State per capita, according to data from the ABS, Property Council WA Executive Director Lino Iacomella said. 

Revenue from property taxes in WA is also growing at a faster rate than the rest of Australia despite the depressed state of the local market.

There is absolutely no capacity for further increases in tax. As a result, the Property Council has determined a five-point plan that will reduce State debt while avoiding tax increases and the introduction of any new taxes.

Property Council's Five-Point Plan to Keep WA Growing in the 2017-18 State Budget is:

1. Boost confidence in the investment and construction sectors by not increasing State property taxes
2. Activate economic activity by implementing strategic stamp duty reforms;
3. Lift small business confidence by announcing a state tax review to phase out land tax aggregation and move to a flatter land tax structure
4. Broaden government revenues and drive urban renewal by stepping up the state's asset sale program; and
5. Provide greater certainty for major projects by fast-tracking the introduction of a state infrastructure strategy based on two principles:

• the creation of Infrastructure WA,
• establishing a Partnerships WA and committing to City Deal in WA

 These recommendations will ensure the property industry can step up and keep WA growing as the economy attempts to recover from the mining-boom hangover.

There is no magic wand or blank cheque book on offer to restore WA's fortune but the State Government must take strategic steps to balance the books that does not entail slugging an industry that simply cannot afford any more taxes, Mr Iacomella said.