Property at the heart of NSW economic growth

The latest Deloitte Access Economics (DAE) Investment Monitor and Business Outlook reports demonstrate the critical role the property sector plays in ensuring the economic well-being of the State and why the NSW government must continue its successful asset recycling strategy.

NSW Executive Director of the Property Council, Jane Fitzgerald, said the reports rated NSW as Australia’s fastest growing economy and urged the new Premier and Treasurer to continue to drive that growth by getting the policy settings right.

“In the wake of the DAE reports, it is also pleasing to hear the new Treasurer Dominic Perrottet confirm yesterday the successful asset recycling strategy that underpins a lot of this success will continue,” Ms Fitzgerald said.

“Key to that strategy is ensuring the proceeds are directed to fund much needed infrastructure needed to boost jobs and increase housing supply.”

Ms Fitzgerald said she welcomed the Treasurer’s confirmation that the proceeds of the Endeavour Energy and LPI transactions would also be directed to infrastructure projects.

“This is good news and demonstrates the ongoing benefits of the plan,” Ms Fitzgerald said.

Ms Fitzgerald said the DAE reports once again underscored that the property industry is at the heart of the NSW economy.

“The property industry generates about 300,000 jobs and provides more than $16 billion in wages to workers and their families and as the DAE reports confirm is at the heart of the State’s economic health,” Ms Fitzgerald said.

“But, we cannot rest on our laurels – now is the time to adjust the levers to make sure the policy settings are right.

“The new Premier should move quickly to address the barriers that constrain the property industry’s potential such as the country’s worst planning system and the foreign investment taxes imposed in the last budget and not back down on the local government reform plan.”

Media contact: William Power| M 0429 210 982 | E wpower@propertycouncil.com.au