Property Australia’s biggest business, ahead of mining
2015-06-04AUSTRALIA’S property industry now has the largest footprint in the nation’s economy, according to new research — eclipsing mining, health and retail.
It was commissioned by the Property Council of Australia, which is the nation’s developer and industry association.
The findings also show the property industry is Australia’s second-biggest employer, directly creating 1.1 million jobs, more than mining and manufacturing combined.
“When flow-on jobs are included, the industry generates 2.7 million full-time equivalent positions,” the report found.
Findings from the report were released at the Property Council’s annual Property Leader’s dinner in Canberra last week in front of the nation’s political leaders, including Prime Minister Tony Abbott and Treasurer Joe Hockey.
Council national chief executive Ken Morrison said the report provided “the strongest possible evidence base for reform that enables the industry to grow”.
“Our contribution to jobs and growth eclipses that of any other industry. One in four Australians draws a wage from property, either directly or indirectly. Our economy needs the property industry to do well, particularly as we transition from the mining investment boom,” Mr Morrison said.
The report also found that Australia’s property industry paid more than double the amount of tax than the OECD average.
In 2013-14, approximately $72.1 billion in combined Australian and state government tax revenues and local government rates, fees and charges revenue were collected — equating to 16 per cent of all taxes paid.
Mr Morrison argued that governments must abolish “distorting taxes” and streamline planning processes to make housing more affordable for all Australians.
“We know that governments at all levels are looking for ways to secure strong and consistent economic growth,” Mr Morrison said.
“This report confirms that they should be focused squarely on property as the industry that can deliver this for them.”
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