Carter / Powerful property sector wants a better go

Share Canberra's trusted news:

THE property industry is the ACT’s second largest – behind the public sector – and accounts for 12.1 per cent of the territory’s economic activity, according to a new, landmark report.  

Catherine Carter.
Catherine Carter.
Commissioned by the Property Council of Australia, the AEC Group’s report reveals that the property sector underpins economic growth, jobs, salaries and the tax base in the ACT.

The sector employs 26,000 people across the ACT and builds prosperity by paying $1.4 billion in wages and salaries each year.

One in nine people in the ACT draws income directly or indirectly from the property industry and 290,000 people have a stake in property through super funds.

Nationally, the property industry employs 1.1 million people and makes the largest contribution to GDP of any single sector.

The report, “Economic Significance of the Property Industry to the Australian Economy”, says the property sector pays more tax than any other industry – $711 million, or 55 per cent of all territory taxes, fees, rates and charges.

This confirms that the ACT government needs to promote policy solutions that let the property industry grow the economy – for the benefit of all Canberrans.

Clearly, the continued over-reliance on property taxes, which continue to spiral upwards, hurts the property industry and every single Canberran, too.

At a time when the ACT economy is in transition, we need other industries to step up to create jobs and drive economic growth. The ACT government has relatively few ways to encourage growth in the economy, however changing tax settings is one of them.

Lowering the rates of selected taxes would deliver benefits across the entire local economy by generating greater business activity.

The numbers in the AEC report are big ones. With the right reforms,  fairer taxes and better planning, they will get even bigger.

Catherine Carter is ACT executive director of the Property Council of Australia

Who Can You Trust?

In a world beleaguered by spin and confused messages, there's never been more need for diverse, trustworthy, independent journalism in Canberra.

Who can you trust? Well, for more than 25 years, "CityNews" has proudly been an independent, free, family-owned news magazine, serving the national capital with quality, integrity and authority. Through our weekly magazine and daily through our digital platforms, we constantly and reliably deliver high-quality and diverse opinion, news, arts, socials and lifestyle columns.

If you trust our work online and believe in the power of independent voices, I encourage you to make a small contribution.

Every dollar of support will be invested back into our journalism so we can continue to provide a valuably different view of what's happening around you and keep free.

Click here to make your donation and you will be supporting the future of journalism and media diversity in the ACT.

Thank you,

Ian Meikle, editor

Previous articleSocials / At the Melbourne Cup Experience, Barton
Next articleA pay rise for magistrates
Catherine Carter
Former ACT executive director of the Property Council of Australia

Leave a Reply