The Property Council has welcomed new Victorian Opposition Leader Jess Wilson's commitment to strengthening the economy and improving pathways to home ownership if elected.
In a keynote address to the state's property sector, Ms Wilson outlined how her party would address budget deficits and housing supply by proposing extensive tax reform and red tape reduction.
The new Liberal Party leader expressed her intent to increase medium density housing supply to provide greater choice to Victorians if elected.
Property Council Victorian Executive Director Cath Evans said industry leaders were encouraged by the Opposition's acknowledgment that Victoria must restore economic confidence to attract investment and support jobs.
"This is a critical moment for our industry, and we are encouraged that the new Leader of the Opposition is prioritising policy action on key economic issues," Ms Evans said.
"An oppressive tax regime and sluggish economy are challenges that require decisive action and a clear plan, and we welcome the focus.
"The Property Council has long advocated for a new approach on taxation, as the property industry has been hit by a range of tax increases that have made investing in Victoria incredibly difficult for domestic and global investors.
"As Ms Wilson noted, Victoria can't tax its way out of debt, and these punitive frameworks are driving investment out of our state.
"We've recently seen the expansion of Vacant Residential Land Tax, which adds yet another rung on the ever-growing Victorian property tax ladder.
"Attracting investment remains a key priority. As we've seen in recent Mandala Partners research commissioned by the Property Council, global investment into the Victorian property sector has dropped sharply, falling from over $10 billion to $5 billion in three years - a drop of 53 per cent.
"The property sector stands ready to work with all sides of politics to remove roadblocks, drive investment and expand housing choice for Victorians. A stronger, more stable economy is essential to achieving this."
