Top six reforms to create jobs
In the wake of the latest ABS jobs data, the Property Council of Australia has called on the State Government to implement six key job creating reforms.
South Australia’s seasonally adjusted unemployment rate is now 6.9%, which compares unfavourably to the 5.5% national average.
“With less than 130 days until Holden closes, we need urgent reforms to prevent the jobless queue from extending further,” said Property Council SA Executive Director Daniel Gannon.
“We need to create an environment that attracts more people and more investment, and that means getting the basics right.”
The Property Council’s Top Six Reforms for Job Creation are:
- Reform the state’s land tax regime by introducing a flat rate of taxation.
- Fast-track the complete abolition of stamp duty on commercial property transfers.
- Adopt and drive council amalgamations reform to reduce waste and inefficiencies.
- Take an axe to residential stamp duty, which has increased by 500% since 1995.
- Establish a Head-Quartered Company Taskforce to attract ASX 100 companies back to SA.
- Drive sustainable population growth and reverse the ‘brain drain’ trend.
“In the lead-up to the State Budget, we need to see reforms to areas where we aren’t competitive, including population growth, land tax, stamp duties and council rates,” he said.
“Fewer taxes mean greater prospects of job creation and economic stimulation, but without further structural changes to our tax system, we run the risk of failing to continue to innovate.
“There are still more South Australians unemployed than the seated capacity of Adelaide Oval, which is why it’s time for long-term structural reform instead of short-term band-aids.
“Our state’s policy-makers need to create every possible competitive advantage to ensure that South Australia is the country’s most attractive investment destination. If we fail to create this environment, then we risk our state’s future economic prosperity.”
Property is South Australia’s largest private sector employer and biggest industry, accounting 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 – and 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]