Property sector welcomes tramline extension
In another historic advocacy win, the Property Council of Australia has welcomed the State Government’s $50 million commitment to extend the city tramline to the East End.
Today’s announcement to extend the tramline one kilometre to the east is the first stage of an expanded network and includes an additional $5 million in funding from the City of Adelaide.
SA Executive Director of the Property Council Daniel Gannon said extending the tramline would stimulate job creation in the property and construction sector.
“The extension of Adelaide’s tramline to the existing RAH site is good news for the property sector and the north-eastern quarter of the CBD,” said Mr Gannon.
“Today’s announcement is welcome news for job-creating business owners, building owners, residents, students and city commuters.
“Not only is this extension a no-brainer from a vibrant city perspective, but it will also increase the attractiveness of the existing RAH site for future investors and consumers.
“It’s also a positive sign with the State Government working closely with the City of Adelaide on such an important piece of infrastructure.
“Put simply, it’s a blue print for future collaboration.”
Please see below statistics about the importance of property to the South Australian economy:
- Property is South Australia’s largest private sector employer and biggest industry
- It accounts for 10.8% of the state’s economic activity (or $10.5 billion)
- It builds prosperity by paying $4.4 billion in wages and salaries – one in six people draw their wage directly or indirectly from property
- One million South Australians have a stake in property through their super funds
- Property is the largest single industry contributor paying 56.6% of state taxes, local government rates, fees and charges
Media Contact: Daniel Gannon | E [email protected]