The Property Council of Australia (the Property Council) welcomes the opportunity to respond to Treasury’s exposure draft of the Treasury Laws Amendment Bill 2024: Acquisitions (the proposed reforms). The Property Council is the peak body for owners and investors in Australia’s $670 billion property industry.
We represent owners, fund managers, superannuation trusts, developers, and investors across all four quadrants of property investments: debt, equity, public and private. The property industry is the country’s second largest employer, representing a direct gross domestic product (GDP) contribution of $232 billion, or 10.6 per cent of total GDP, as well as 18.2 per cent of total tax revenues totalling $129.6 billion.
Our industry is particularly sensitive to changes in the mergers and acquisitions control regime due to three factors: the value, the volume and the frequency of transactions which take place across the spectrum of residential and commercial assets.
A control regime which creates barriers to entry or expansion in the property market, stymies potential deals and diminishes economic activity damages not just the property industry but the broader economy and prosperity of Australia.
