Property Council welcomes NSW Productivity Commission

Better regulation, more efficient processes and lower housing and cost of living costs should be the focus of the new NSW Productivity Commission announced by Treasurer Dominic Perrottet today, according to the Property Council of Australia.

The announcement of the Commission, made in response to an Independent Review of the NSW Regulatory Policy Framework, should help ensure NSW is best placed to grow and develop in the years to come and continue to build a strong and resilient economy.

“This is an important announcement by Treasurer Perrottet and acknowledges some of the key challenges being faced by the public and the business community; it’s important we look at ways the pressure can be lifted from households by reducing house prices and cost of living pressures,” Property Council NSW Executive Director Jane Fitzgerald said today.

“While the rise of house prices has slowed in NSW, a home is still out of reach for too many in our community and that means there is still work to be done; the accumulation of local and state levies on housing and the still “bottom of the pack” planning system should be important initial areas of focus for the Commission.

“We must look at ways we can take our State’s planning system from the country’s worst to our best and this means the Productivity Commission must inform and lead on key reform to avoid adding to the bureaucratic burden that already exists in this space.

“We must also look at developing our understanding of the way our State’s economic narrative and growth is so intricately linked to our approach to land planning and development; greater growth in freight, e-commerce and the goods economy will make this relationship more pronounced in the years to come and will necessitate a change in the way we design our built spaces.

“The appointment of a Chief Economist is also an important announcement; it is an appointment that will ensure NSW continues to be thought leader in terms of progressive economic ideas, approaches and reforms.

“The growth and change NSW will see in the next 50 years means that we must be innovative and forward thinking in how we approach our State’s economic development and ensure there is equitable economic growth that everyone in the community can benefit from.”