The property development industry makes a significant contribution to Australia’s economy. Every $1 million invested in the property development industry generates 11.8 full-time jobs, $146,474 in taxes, and $885,880 in wages. The property development industry supports 29.4% of Australia’s total workforce amounting to $214.6 billion in wages and salaries annually. The industry contributes about $87.9 billion p.a. in combined taxes, fees and charges.
The national importance of our cities has been increasingly reflected in the policies and priorities of successive Federal governments. The focus is a natural and laudable consequence of the benefits of getting our cities’ planning right and the inherent risks of getting them wrong.
UDIA calls on the Federal Government to increase its focus on supporting Australians into new houses in its many and varied forms. In several capital cities in Australia there is a housing affordability crisis which needs to be addressed through increasing housing supply and diversity, planning and stamp duty taxation reforms. Falling house prices are not correcting the pent-up demand and years of lack of supply.
Recommended actions revolve around the following six key areas:
- Get population settings right
- Deliver urban infrastructure
- Boost housing supply and diversity
- Reform taxes & charges
- Improve clarity & certainty
- Future proof our cities