Property industry to lead Victorian economic recovery

The Property Council of Australia (Victoria) has revealed its plan to help secure
Victoria’s long-term prosperity following the COVID-19 pandemic.

The plan could see $24.4 billion worth of economic activity injected into the
economy. With thousands of jobs at risk from the COVID-19 crisis, the proposal
would create or protect as many as 315,000 jobs.

Following yesterday’s Federal Government HomeBuilder announcement, the plan
proposed by the Property Council outlines opportunities for the State Government to
target its stimulus measures to maximise economic impact – identifying not just
immediate residential stimulus but also long-term solutions, across the property
sector, to support the economy.

“The proactive approach taken by the State Government in supporting the property
sector through early stimulus measures has ensured Victoria is in a position to
combat the economic challenges ahead – but the road to recovery is a long one,”
said Cressida Wall, Victoria Executive Director, Property Council of Australia.

“Our plan calls for stimulus that will support strong investment, drive job creation and
security, speed up projects and make sure Victoria can get back on track quickly,” Ms
Wall said.

The Property Council’s plan focuses on seven pillars and identifies a number of
possible levers available to the Government to support economic activity.

  1. A housing construction economic kickstart.
  2. Catalyse projects to accelerate growth.
  3. Resetting the housing affordability equation for Australians.
  4. Tax settings to drive productivity.
  5. Remove the brakes on development activity.
  6. Open Victoria to the world.
  7. Supercharge planning to support Victorians’ new way of life.

The Property Council has also called on all levels of Government and industry to work
together to get Victorians safely back to work, enhance consumer, household and
business confidence and set the State on a high-productivity trajectory.

“Getting the economy back on track is critical. With the support of all levels of
Government, the property industry, as a whole, can deliver jobs, drive up confidence,
generate economic activity and energise our economic recovery”.

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