Powered by MOMENTUM MEDIA

Victorian government gives green light to construction industry

By Cameron Micallef 27 April 2020 | 1 minute read

The Victorian government has announced that it will establish a taskforce to help keep the building and construction industry stay afloat during the COVID-19 outbreak.

Richard Wynne

The Building Victoria’s Recovery Taskforce will be overseen by planning and housing minister Richard Wynne and treasurer Tim Pallas, as well as senior business leaders. 

The taskforce will have the responsibility of investigating opportunities to boost Victoria’s building and development industry over the short, medium and long term.

“This taskforce will help ensure the building and development industry is a driving force for Victoria’s economy through this pandemic and beyond,” said Mr Wynne.

“It will help deliver existing projects more efficiently and assist new projects to get off the ground faster.”

Having been announced as part of the taskforce, HIA Australia has come out in support of it, claiming it is a vital step towards building Victoria’s future.

The residential building industry can assist the government to sustain employment, productivity and the Victorian economy during the current conditions, HIA noted.

“The expected decline in housing starts needs to be addressed now to limit a range of negative economic consequences that would flow from reduced housing supply should the situation be prolonged,” said HIA’s Victorian executive director, Fiona Nield. 

“The particular circumstances of COVID-19 only reinforce the significant capacity of the residential building industry to continue operating under the current social distancing and other limitations. 

“There are a number of other initiatives around expanded home buyer grants, taxation relief, planning and building regulatory reforms that also deserve consideration at this time. 

The announcement follows the fast-tracking of four new sites, which is worth an estimated $1.5 billion.

Minister Wynne has also approved four new building projects located at 118 City Road, Southbank, 555 Collins St, 52-60 Collins St and 550 Epsom Road Flemington – creating thousands of Victorian jobs at a time when they are needed most.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your... Read more

Victorian government gives green light to construction industry
Richard Wynne
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.