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Key tax, property policies taken to government in lobbying bid
One of Australia’s top property organisations has revealed the target policies it intends to pursue in the lead-up to the federal election.
The Property Council of Australia has announced its policy platform for the upcoming federal election – likely to be held in May – focusing on providing homes for all Australians, building a strong economy, improving Australian cities, encouraging investment and planning out sustainable energy targets.
Ken Morrison, CEO of the Property Council of Australia, said that the upcoming federal election comes at a time of “increasing uncertainty” for the property market, and this uncertainty is being heightened by the likely impact on the property market of he policies put forward by both major parties.
“Building approvals, construction levels and housing lending are all falling,” Mr Morrison said.
“Getting the policy settings right, delivering certainty and having the right incentives to support investment are essential if we are to continue to provide jobs for 1.4 million Australians and to deliver the housing and commercial property assets required by a growing nation.
“Now, more than ever, Australia’s property industry needs certainty and confidence for the longer-term that will encourage growth, investment and innovation and enable it to support a prosperous and growing Australia.”
Recent research by the Property Council of Australia showed that the current property environment would be vulnerable to proposed changes in negative gearing and Capital Gains Tax, which could then impact every Australian property investor and every tenant.
The key policies for the Property Council of Australia include:
Providing homes for all Australians
- Leave negative gearing and capital gains tax alone
- Increase state housing supply using federal incentives
- Appoint a federal housing minister
- Review and incentivise build-to-rent housing
- Give more options to older Australians moving into property that suits their needs
Building a strong economy
- Establish a national population policy to support population growth
- Strengthen domestic credit supply
- Overhaul the tax system to focus on growth and investment
Improving Australian cities
- Improve the government’s City Deals plans to enhance the economic development of Australian’s best-performing cities
- Create a Cities Advisory Board to focus on city-shaping policies
- Increase infrastructure spending on priority assets
Encouraging investment
- Drum up international investment in Australia
- Maintain a property-funds management regime
Planning out sustainable energy targets
- Instate a policy similar to the National Energy Guarantee to focus on reductions of long-term emissions and affordable power
- Focus on a building plan and code that prioritises net-zero carbon property on a national scale
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