HOWEVER liveable the city, ripples of an economic downturn are still being felt across Lake Burley Griffin and additional federal public sector job cuts threaten our fragile consumer confidence.The impact on the construction sector is palpable. As the largest private sector employer in Canberra, the industry contributes around 10 per cent to the Territory GDP.
Last month kindred groups, including the Property Council, the Canberra Business Council and the Master Builders Association, presented the ACT government with a “call to action” paper recommending reforms to keep the economy strong.
They included the need to review property fees and charges and to foster a business environment supporting innovation, economic growth and investment.
The government has listened and the Chief Minister’s recent announcement of an economic stimulus package for the Territory will provide welcome short-term relief.
The LVC system, a heavy fee applied when a property owner wants to convert an existing building or site that has stymied growth and investment, is to be restructured and commencement charges abolished altogether, including a waiver period for eligible businesses.
These changes will encourage confidence and economic certainty for the Territory.
Learn more at a forum about the ACT Government’s Property Stimulus Package at the National Museum of Australia on Thursday, March 27. Registrations to propertyoz.com.au/act/