This submission focuses on the contribution of the property investment and development sectors to the broader community.
The Property Council supports a budget that delivers:
- strong ongoing economic growth of three to four per cent;
- a public policy reform framework for long-term sustainable growth; and
- programs that build community capacity and better balance the social, environmental and economic targets of South Australia’s Strategic Plan.
The Property Council contends that a new approach to setting fiscal policy – based on the following concepts – should inform the design of the 2008 budget:
- Key performance indicators – greater clarity about the measurable goals of all budget programs;
- Community capacity building – greater emphasis on lifting the ability of individuals, families and firms to make the most of their relative talents and opportunities;
- Sustainability – a clearer commitment to optimising governance, economic, social and environmental assets for the long-term benefit of the community;
- A war on red tape – more efficient regulation, less duplication and minimal conflict of policy settings;
- Tax reform – lower taxes achieved through more efficient tax design that also delivers lower compliance costs and promotes a competitive economy;
- Modern policy assessment instruments – adoption of methodologies that better allocate scarce resources (such as capital spending on infrastructure) on a triple bottom line basis, and allow for more effective assessment of regulatory impacts;
- Accounting for spatial implications – a better understanding of the spatial consequences of all policies and programs; and,
- Incentives – the use of incentives to transform market behaviour to meet community goals as an alternative to regulation.