The Property Council is pleased to publicly release our pre-budget submission to the Victorian Government in anticipation of the 2024-25 State Budget.
2023 was an extraordinarily challenging year for the property industry. The economic pressures felt by so many in the community were present throughout our industry, and directly impacted capacity to develop new product across residential and commercial sectors. It was also a foundational year for property policy development nationally and in Victoria. Governments around the country are acting on the housing crisis in a coordinated way not seen before in Australia’s modern history.
We have focused on developing on key policy proposals that both achieve the full potential of the Victorian Government’s 2023 Housing Statement, while expanding policy reform to other key areas that will drive both housing construction and economic growth in a time of continued budget recovery from the effects of the pandemic.
This submission also recognises current budget limitations and the reduced capacity for new spending commitments while the government continues a debt recovery strategy. However, we believe that there should and must remain scope for well targeted investments required to drive housing growth to be derived from further public service efficiencies across non-frontline services.
The release of the Housing Statement 6 months ago provided much needed clarity on the Government’s priorities for growing housing supply. Now is the time for effective, ambitious and swift action to match those commitments.
