A NEW report reveals the property sector is the third biggest employer in the ACT, contributing $2.6 billion to the economy.

The report by the AEC Group for the ACT Property Council of Australia, looked into the contribution of the property sector to the Territory’s economy.

The report found the property sector generates more than 23,900 jobs in the ACT – the biggest employer in the ACT after the public service and professional, scientific and technical sector; contributes $2.6 billion to the economy – just under 10 per cent of the Territory’s total wealth; generates a further $3 billion in flow-on demand for goods and services, bringing the total contribution to $5.6 billion; provides $1.2 billion in wages to ACT workers – and $1.5 billion in flow-on salaries; paid $603 million in tax, more than any other industry and more than half of all Territory taxes; and pays 23 cents for every dollar generated in economic growth – compared to an average of 4 cents among other industries.

“This confirms that the ACT Government needs to promote policy solutions that foster and sustain the prosperity generated by the property sector, for the benefit of all Canberrans,” ACT executive director Catherine Carter said.

She said the Property Council will conitnue to advocate for a clear agenda for reforming and reducing the tax burden on property.

“There must  be alternative revenue streams,” she said.

Ms Carter said the Property Council’s agenda will also include: efficient development assessment with less red tape and more depoliticised decision-making to drive investment; smarter financing of urban infrastructure and a pipeline of major projects – backed  with guaranteed funding; and strategic growth plans for Canberra, backed by efficient and serviced land supply for housing.