Three priorities for a strong NSW

The Property Council today congratulated NSW Premier Gladys Berejiklian and Deputy Premier Dominic Perrottet on their appointments and is looking forward to working closely with them to build a stronger NSW.

Property Council NSW Executive Director Jane Fitzgerald said today that there are three key priorities that must be top of the new government’s ‘to do’ list; addressing housing affordability, boosting economic growth, and locking in infrastructure delivery,” Ms Fitzgerald said.

“The baton has been passed and we are already well and truly ahead in the race – NSW is in a strong position to meet future challenges and the new Premier must seize the day.

“Addressing Housing affordability through turbo charging supply must be a top priority – we need at least 725,000 houses by 2036 and we won’t reach this figure unless we unlock more land and reform the planning system.

“Code assessment should be extended and bottlenecks in the planning system need to be removed to ensure more homes can be built more quickly.

“The foreign investment tax must also be reformed – as it stands, it is a tax on housing supply and will push up prices further as it starts to bite. The new Premier should make an immediate contribution to improving affordability by confining the tax to final purchasers not home suppliers.

Ms Fitzgerald said economic growth is integral to our State’s prospects – the new Premier has a strong background in economic management which bodes well.

“With record levels of stamp duty revenue being generated and the state well in the black, a stamp duty cut should be given serious consideration,” Ms Fitzgerald said.

“Stamp duty currently adds about $40,000 to the price of a Sydney home worsening the housing affordability crisis and dampening economic growth.

“We must also ensure that infrastructure continues to be planned for and delivered. The Baird Government made a record investment in infrastructure through key reforms such as asset recycling and this approach should continue.”

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