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Incoming Prime Minister Malcolm Turnbull has been reminded of the massive contribution that property makes to the economy.
Property Council of Australia chief executive Ken Morrison congratulated Mr Turnbull on his ascension to leadership and welcomed his focus on the economy.
"The incoming Prime Minister has said economic leadership is central to the needs of the nation, and the Property Council wholeheartedly agrees,” he said.
“The property industry underpins the strength of Australia’s economy as the biggest contributor to GDP and the nation’s second-largest direct employer."
Mr Morrison continued: “Mr Turnbull has a keen interest in the productivity of our cities and ensuring we manage growth in smart and innovative ways.
“The property industry looks forward to working constructively with the federal government to achieve the best outcomes for jobs, for our communities and for our cities into the future.”
Mr Morrison also called on Mr Turnbull to continue with the “long-overdue” process of tax reform, which he said was vital to Australian living standards.
[Related: Stamp duty jumps 695% in 20 years]
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