While the ACT Government’s Budget stamp duty reforms are welcome, the Property Council warns that the significant increase in commercial rates will undermine confidence and cast a long shadow over Canberra’s commercial property sector.
ACT & Capital Region executive director Ashlee Berry said that while the Budget put housing at the centre, it sent a very different signal to the commercial property sector.
“At the same time, ongoing increases in property-related taxes and charges continue to flow through the system, and that has real implications for investment and feasibility.
“The average 8 per cent increase in commercial rates is almost double the rate of inflation, and it will cast a long shadow over Canberra’s commercial property market,” she said.
“It risks undermining investment confidence at a time when we need the private sector to be driving growth, jobs and city activation.”
Ms Berry said commercial property played a critical role in the Territory’s economy and should not be overlooked in Budget decisions.
“You cannot deliver a growing, vibrant city without a strong commercial property sector.”
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