The Property Council of Australia has commissioned research into the property sector’s economic impact and contribution at a national, state and territory, and local level.
The AEC Group’s report Economic Significance of the Property Industry profiles the property industry’s impact on communities across the country.
The report finds that one in four Australians work in or derive income from the property sector and that the property industry supported 3.17 million FTE employees in 2021-22, including 1.42 million direct FTE jobs. The property industry is the second largest direct contributor to employment in Australia by industry.
The report also highlights the vital importance of the property industry to Australia’s prosperity – generating 10.6 per cent of Australia’s GDP ($232.7 billion) and contributing $129.6 billion to governments in annual tax revenues to combined Australian and State Government tax revenues and local government rates, fees and charges revenue.