The Property Council of Australia has used its Pre-Budget Submission to emphasise policy solutions that can help NSW sustain economic growth and prosperity.
NSW Treasurer Mike Baird will deliver the State Budget on June 12 and the Property Council has met key ministers and offices to push the case for reform.
We have also issued details of our submission to every MP in NSW.
Key initiatives contained in our submission include:
maintaining stamp duty exemptions for off-the-plan purchases of new homes – and adjust the thresholds to achieve maximum value
providing dedicated funding to implement the State’s new planning system – and introducing ‘pay-on-performance’ provisions for councils
giving a renewed and credible focus to growth in our two biggest regions, the Hunter and the Illawarra
smarter investment in infrastructure, trialling new solutions like Growth Area Bonds, and
seeding a fund to retrofit buildings and deliver a sustainability dividend
The submission is underpinned by fresh research which details the property sector’s contribution to the State economy.
We generate approximately 11 percent of the State’s total wealth, employ more people than any other industry and pay over one-third of all state taxes.
The Property Council will provide a full breakdown of the Budget to members on June 12.
You can see a full copy of the pre-Budget submission here.
Also below is a copy of the flyer sent to every MP detailing our request that the stamp duty concession for off-the-plan purchases is maintained and improved.