Shifting political sands

More dramatic than the Socceroos’ extra time victory, more impressive than Serena Williams’ 19th Grand Slam win; the Queensland state election result on Saturday night was magnetic viewing.

It has set off a battery of political firecrackers, which are still ricocheting around the country.

What type of government will Annastacia Palaszczuk lead (depending on the final vote count)? What does it mean for the federal and NSW arenas? Is difficult economic reform simply too hard for governments to do? Will the PM survive the political fallout?

No one saw the Queensland result coming, but the Property Council has been engaging with Labor on our policies over the last year and throughout the campaign. For an analysis of the policy implications of a Queensland Labor government, please check out Executive Director Chris Mountford’s story.

With asset sales off the political table assuming a Labor victory, the likely new government will need to look for other drivers of growth for the struggling Queensland economy, and the property and construction industry is likely to be its best hope. It will be important for an early statement from the government to reassure potential investors.

On the federal front, an embattled Prime Minister yesterday reaffirmed tax reform and economic growth as key priorities.

Meanwhile, it seems the tax reform issues paper has been delayed again. High time we started this overdue debate.