Ahead of the May 2024 Budget, the Property Council has released its pre-budget submission titled “Not a minute to waste”.
Beyond a twentieth century tax system, the greatest economic and social cohesion challenge Australia faces is the delivery of affordable new homes for renters and purchasers as well adequate supply for those who rely on government housing support.
The approaches outlined in our pre-budget submission seeks to tackle the challenges at hand. Our plan has four pillars:
01 Housing for all – ensuring every Australian has the opportunity to own or rent a home
02 A competitive destination for global investment – improving our cities by attracting overseas capital to build their future needs
03 A more productive nation – cultivating a skilled and productive workforce to meet the growing demands of housing and other construction
04 A clever path to decarbonisation – ensuring that Every Building Counts as we decarbonise our built environment.
Property Council of Australia Chief Executive Mike Zorbas said while many commentators are already labelling the 1.2 million home 2029 target ‘unachievable’ just months after they were set by National Cabinet, the Property Council’s focus is on working with governments to deliver to their targets.
“Australians, especially young people, simply can’t afford a swing and a miss on the national housing target,” Mr Zorbas said.
As ever, we look forward to further engagement on these matters and trust the Federal Budget 2024-25 will chart a pro-investment course so our cities thrive, housing targets are met, and the benefits can be widely shared by all Australians.
Read the Property Council’s detailed recommendations below.
