While the economy has slowed and commodity prices have dropped sharply, the housing industry has been the one shining light for the Government.
The property industry hands over more than $72 billion dollars in taxes to all three levels of government each year, and contributes 16 per cent of all taxes paid in Australia.
Property Council of Australia chief executive Ken Morrison told News.com that now was the time for government to ease the tax burden on the property industry by abolishing what he calls distorting taxes such as stamp duty.
Mr Morrison also called for planning processes to be better streamlined to make housing more affordable for everyone.
Not only paying a lot of tax, the property industry is also the second biggest employer in the country, with a report from the AEC group finding it directly creates 1.1 million jobs – more than the mining and manufacturing industries put together.
“Our economy needs the property industry to do well, particularly as we transition from the mining investment boom,’’ Mr Morrison said.
“If we can unlock the potential to increase property’s contribution even further, that will mean more jobs and more prosperity for Australians.’’
“We know that governments at all levels are looking for ways to secure strong and consistent economic growth,’’ he said.
“This report confirms that they should be focused squarely on property as the industry that can deliver this for them.”
