Government pushed on ‘huge’ investment in property markets’ future

“Australia’s major cities are among the fastest-growing in the developed world. The way we plan for and invest in our cities will have a huge impact on our future economy and quality of life,” Mr Morrison said.

The City Deals, which focus on projects surrounding cities and taking on board all three levels of government, need to be expanded further, Mr Morrison said.

“Given Melbourne’s rapid growth and national economic significance, it is the obvious missing link in the City Deal framework and should be a priority for the next federal government,” Morrison said

“Delivering good growth in our cities and regions demands more than just tinkering with immigration levels.

“Good growth requires real policy purpose and investment in priority infrastructure projects to help our cities and their residents reach their full potential.”

Mr Morrison added that the Property Council of Australia is in support of focusing on locations outside of major cities, but there is room for improvement.

“The most important numbers to focus on are the real dollar commitments being made to the critical infrastructure projects, which will support our growing cities,” he said.

“Our four biggest cities will continue to attract the overwhelming majority of migrants because that is where most Australians already live and work.

“Let’s keep our eye on the main game: great cities for current and future generations of Australians.”

In addition to supporting and improving City Deals, the Property Council of Australia would also like to see:

• The improvement of major infrastructure projects through an advisory board
• Funding for a future cities cooperative research council
• Further investment in infrastructure
• The restoration of the asset recycling fund in order to incentivise major state projects

The City Deals have previously been touted as a government policy that is productive towards the economy.