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The property industry’s “engine room” status for the New South Wales economy means it must be provided with critical support in the state budget announcement, a CEO has insisted.
In a weekly update from the Real Estate Institute of New South Wales (REINSW), the industry body’s chief executive officer, Tim McKibbin, urged extra support be provided to the property industry by way of the impending state government budget, especially in light of the expected deficit it will contain.
Musing on the options that could be put forward, Mr McKibbin said “perhaps this support will come through incentives with the potential to support a broader segment of the market”.
But given property’s status as a tax revenue source, he has also flagged “various opportunities for reform”, specifically stamp duty reform.
Considering an overhaul of the tax as “long overdue”, Mr McKibbin said: “The point remains that the NSW government could actually pocket additional revenue through stamp duty reform, given the burden this tax places on people who would otherwise consider moving, including downsizers.
“And yet, it seems the NSW government remains reticent to take a progressive approach on this issue, despite the deficit to be announced tomorrow.”
He also noted that the Treasurer “has already made clear the intention to focus on jobs”, and added that “the property industry has a big role to play in the continuing economic recovery”.
Mr McKibbin’s comments come after the REINSW “shone the spotlight on the number of jobs that lie in waiting due to bureaucratic inefficiencies” — a concern again raised by the CEO.
“It’s an increasingly pressing issue because, with market activity expected to remain strong over the remainder of the year, the industry has the capacity to support more jobs and play a prominent role in the recovery,” he said.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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