The Property Council of Australia today called for major economic reform to be back on the agenda in this year’s state budget to ensure Victoria is the best place to own or rent a home, have a business and investing.
In releasing its 2022-23 pre-budget submission, Victoria Property Council executive director Danni Hunter said the upcoming state budget was an opportunity for the Andrews government to set out a clear vision for Victoria and to outline a plan that sees the 59% of state revenue brought in by the property industry be invested in reinvigorating Victoria’s economy.
“The State Budget must be the start of a renewed conversation on economic reform in Victoria to ensure that the strength of the property sector can be harnessed for the long-term economic benefit of the State,” said Ms. Hunter.
“Reform is difficult, but it is necessary. We know there is already $7 billion of economic activity on the table thanks to a stalled planning reform agenda. Victoria cannot afford to turn her back on opportunities for reform, and we must proactively seek out more of them.
“We want to see the reform agenda taken off the shelf and expanded to energize our economy, revitalize our CBD, grow Victoria’s international student sector, unlock the future supply of residential and industrial land and realize opportunities for the region of Victoria.
“With support for the property sector through tax revenue and rent relief, the Andrews Government has put in place short-term measures to mitigate the negative economic impacts of COVID-19 on Victorian businesses.
“Victoria is now ready and well positioned economically to build a meaningful reform agenda and renew our economy to ensure the state’s future prosperity.
Ms Hunter said that before the pandemic, Victoria was on track to become Australia‘s most populous state and as COVID-19 normalized, the budget presented an opportunity to return to a growth mindset for the country. economy of Victoria.
“Melbourne’s population saw a 1.2 per cent decline in the number of residents as international students and city dwellers left, falling by 60,500 people in a single year – more than any other Australian capital,” said Mrs Hunter.
“A growth mindset is not about going back to 2019, but about leveraging the changes that have happened and creating new opportunities to lock in future growth.
“It can mean different things to different people. For tenants, growth may represent home ownership, for universities it could be the return of international students and for Melbourne’s CBD, growth is a rekindled vision for our state’s economic hub.
“But it all starts with a desire to engage in the economic reform needed to ensure Victoria is the best place to live, do business and invest. The real estate industry is this state’s most important industry, and we remain ready and willing to work with the government to implement the existing recommendations and the new reform agenda that secures Victoria’s future prosperity.
Ms Hunter said the industry will work closely with the state government to achieve and ensure the full recovery of Victoria’s economy.