The Property Council of Australia has today noted ASIC's roadmap on public and private capital markets in Australia and will continue to advocate for a regulatory framework that ensures an attractive marketplace for capital.
Property Council Capital Markets Executive Director Torie Brown said ASIC has rightly acknowledged the important role of both private and public markets in creating a robust investment economy.
"Private and capital markets play a vital role in providing funding for the development of homes, offices and logistic hubs that create economic growth and jobs.
"The property industry is capital-intensive; flexibility and access to investment are crucial for growth.
"We support proportional, targeted responses that enhance governance and consumer confidence while preserving the sector's ability to provide essential capital for housing supply and urban development.
"At a time when governments are looking at ways to cut red tape to unlock investment, blunt regulation will only slow investment down.
"Australians deserve a private credit market that is transparent and appropriately regulated, without reducing their ability to invest and grow their portfolios as they see fit.
"We look forward to working with ASIC to ensure private credit in the property sector is held to standards that protect investors while enabling Australia's property industry to continue delivering the homes, infrastructure and commercial spaces our growing cities need."
As part of its roadmap, ASIC highlighted its ongoing review of the disclosure treatment of stamp duty for superannuation funds in RG 97, with its report due to be handed down at the end of the month.
"The Australian Government and the superannuation and property industries support better regulatory settings under RG 97 to unlock Australia's superannuation sector to invest in Australian property," Ms Brown said.
"Changing RG 97 so it does not distort the market and punish super funds from investing in property will not cost the Budget a cent. Even more importantly, it can help to unlock 35,000 new homes over the next five years.
"These changes need to be locked in urgently to unleash the capital waiting on the wings."
