CODE OF CONDUCT FOR COMMERCIAL TENANCY

The Property Council of Australia has noted today’s direction from the National Cabinet for the development of an industry code of conduct for commercial tenancy.

“We have been engaging closely with the Commonwealth, state and territory governments on these issues, and will continue to do so to provide the certainty that landlords, tenants and governments need to work our way through this crisis together,” said Ken Morrison, Chief Executive of the Property Council of Australia.

“Commercial landlords build, manage and fund the property assets which support the Australian economy and are here for the long haul with their tenants.

“Commercial landlords around the country have already been supporting affected tenants without any fanfare as part and parcel of good commercial and business practice.

“They are committed to playing their part in getting businesses through to the other side of this crisis.

“We must also ensure the needs of tenants experiencing genuine financial hardship is balanced against the significant financial obligations that many landlords are also required to meet, including to non-bank or offshore lenders.

“Our industry will approach this task with good will and commensurate with its role as one of the pillars of the Australian economy,” Mr Morrison said.

“We welcome the recognition that governments must also be part of the solution with meaningful relief on land tax and other costs incurred by commercial property owners.”

Media Contact: Matt Francis | 0467 777 220 | mfrancis@propertycouncil.com.au