The Property Council of Australia welcomes the Rudd Government’s commitment to a comprehensive review of Australia’s tax system.
The Treasurer tonight confirmed that a review would be complete by 2009.
“Government commitment to root and branch reform of the tax system is vital to the success of the property industry and Australia’s economic wealth,” said Property Council Chief Executive Peter Verwer.
“Every tax should be under consideration.
“A serious overhaul of the tax system should include property tax reform to relieve unwarranted pressure on an overburdened property sector.
“The property industry helps underpin the retirement savings and economic prosperity of Australia.
“The heavy reliance on property tax revenue is eroding retirement savings, jeopardising housing affordability and increasing the cost of doing business.
“The greatest reform gains for Australia will be realised by a focus on national competitiveness and long run reform dividends rather than short term bandaids.
“The government is to be congratulated for committing to a comprehensive review of Australia’s tax system and creating a real opportunity to shape the future prosperity of Australia.”
Peter Verwer, Chief Executive, 0407 463 842