The Property Council of Australia today welcomed the Prime Minister's announcement of an August productivity summit as an opportunity to boost our national productivity and shape our cities for the future.
Property Council Chief Executive Mike Zorbas said we have hit a slowdown in the delivery of city-shaping assets, including new homes, commercial offices and industrial parks.
"Tragically, we are building homes at half the speed we did in 1995," he said.
"We must boost productivity across the construction sector to create the assets we need for world-class, liveable cities.
"Planning systems at the state and federal level are essential, but in many cases, they have become like barbed wire that proponents must cut through.
"Equally, we can boost the levels of investment from overseas. Our overly complex Foreign Investment Review Board and Australian Competition and Consumer Commission processes are slowing down institutional investment in our cities when we need it most.
"Boosting prefab and modular housing is another way to support innovative housing construction techniques that can be quicker and more sustainable.
"It is critical that this summit focuses on these issues and more if we are to have a productive construction sector that can build the ambitious 1.2 million new homes target and the supporting industrial and commercial precincts we need by 2029."
