The property industry can kick-start the Illawarra's economic recovery from the COVID-19 pandemic, a leading advocacy group says.
Incentives for new housing construction, broad-based tax reform, improving the supply of affordable housing, and the renewal of our migration program are among the key areas for action in the Property Council of Australia's seven-point plan.
"Some big and bold thinking is required to get the Australian economy going again after the impact of the COVID-19 pandemic, and even more so on a regional level," Michelle Guido, Property Council's Illawarra regional director said.
"The property and construction industry is one of the largest employers in the Illawarra/Shoalhaven, and can be a driving force behind the economic recovery and growth of the region with the right policy settings and market incentives in place.
"We have already seen the NSW Government fast-tracking a number of projects and planning approvals to enable the property industry to contribute strongly to the economic recovery of the NSW economy, and we want to see this pipeline continue.
"We will work with the NSW government over the coming weeks to consider and implement the initiatives as outlined in the seven-point plan at a state level, and to support projects in the Illawarra/ Shoalhaven that can deliver real jobs and growth."
The Property Council has released the seven-point plan they say will stimulate construction, grow skills, attract investment and boost confidence across the industry at a national level.
The plan will be presented to the National Cabinet for economic recovery after COVID-19.
It includes a $50,000 'New Home Boost' scheme to kick-start construction for new housing, generate jobs and boost consumer confidence with the potential to stimulate construction of 50,000 new dwellings and support more than 200,000 jobs, by bringing forward market demand for new housing.
Other aspects include broad-based tax reform to enhance productivity and increase living standards, including the abolition of stamp duty and replacing this revenue by broadening the GST base in the medium term.
The Property Council also called for improved housing affordability through permanent improvements to planning systems by efficiently and strategically rezoning and servicing land; accelerating non-government projects currently in the planning system; supporting the emergence of build-to-rent; incentivising the private sector to produce more affordable housing for key workers, older Australians and those at risk of homelessness; supporting a new pipeline of retirement living housing; and removing disincentives for older Australians to downsize.