[9 September 2021] Premier Mark McGowan's first State Budget as Treasurer has capitalised on the government's strong health and economic position to provide a boost to housing, hospitals and social infrastructure across Western Australia.
Property Council WA, Executive Director Sandra Brewer, welcomed today's Budget, saying it would firmly position Western Australia to encourage population growth and attract investment once border controls were relaxed.
"WA's economic success relies on attracting talent to fill the 34,000 jobs Treasury estimates will be created in the next twelve months. WA businesses are crying out for people, and today's Budget provides a platform to win the 'brain gain' from 2022," Ms Brewer said.
"The property industry welcomes the extension of the stamp duty rebate for apartments sold off-the-plan. The rebate's extension will increase apartment supply and help WA to maintain its affordability edge, which we know is important for people looking to move to WA."
The Property Council called for the rebate to be extended ahead of today's announcement, as its extension will assist in mitigating the forecast decline in dwelling investment next year, and also secure a pipeline of apartment construction.
"The $875 million Social Housing package will also ensure there is an immediate and long-term increase in WA's social housing stock."
Ms Brewer also welcomed funding for the McGowan Government's announcements on health, noting the investments also reinforce WA's attractiveness to interstate residents.
"Ensuring our hospitals can cater for current challenges and future growth will be vital to ensure WA can reopen to the world, once the main threat of COVID-19 has passed," Ms Brewer said.
The property industry also supports measures to diversify WA's economy, including funding a $50 million Industrial Land Fund to help unlock emerging industries.
"WA is running out of well-located, well serviced industrial land that can service the influx of diverse investment opportunities coming to WA. The Industrial Land Fund will help unlock industrial land and bring it to market more quickly.
"The $400 million allocated towards Westport provides greater certainty about the transport, logistics and employment lands needs that a new Outer Harbour will rely on to thrive."
With today's announcements containing key investments across housing, health and economic diversification, Ms Brewer said industry's focus now turned to 2022 and beyond.
"What we want to see from government is a strong and unwavering commitment to population growth to ensure our relative economic and health strength translates into the best possible outcomes for Western Australians."
"WA is a great place to live. We are without doubt the envy of Australia right now."
"This budget has delivered the investment needed to ensure our social infrastructure is equipped to meet the challenges ahead and guarantee WA emerges from COVID on top."
