Australia's latest prime minister has been sworn in, bringing with him a renewed sense of hope and optimism for the property sector. Industry groups have been quick to congratulate Malcolm Turnbull on his appointment, before laying out their hopes for the coming months.
There is a consensus that the property industry is crucial for the overall success of the economy. Although performing well in its current state, there are nevertheless some changes that need to be made not only to boost real estate recruitment and productivity, but the sector as a whole.
A focus on tax reform
Taxes are a feature of the property market that have been the subject of plenty of debate - and no doubt something Prime Minister Turnbull won't be able to ignore.
Australia needs sufficient skills to cope with future demand for construction projects.
The Property Council of Australia and Master Builders Australia (MBA) have both used their congratulatory messages as an opportunity to highlight the injustices of the current property tax regime. Chief Executive of the Property Council Ken Morrison suggested that levelling the playing field when it comes to taxes will be critical to improving living standards.
Wilhelm Harnisch, CEO of MBA seemingly agreed, indicating that tax reform is crucial to ensuring Australia's competitiveness both now and into the future. However, he urged against "an overall lift in the tax burden".
"Increasing the costs of the family home, particularly for first home buyers, is detrimental and will add to housing affordability pressures as would the removal of negative gearing on investment properties," Mr Harnisch stressed.
Employment in the real estate sector
MBA also highlighted the essential role played by those in property jobs.He urged Mr Turnbull to place growing importance on training young people through apprenticeships, while ensuring Australia has sufficient skills to cope with future demand for construction projects.
The Australian Industry Group also suggested that encouraging innovation is the key to future success. This means equipping people with the skills they need to thrive in their chosen professions, which in turn will future-proof the national economy.
Construction in particular has been dubbed one of the best performers of recent months, helping to plug some of the gaps created by the downfall in mining activity. In order for this situation to continue, property and real estate recruitment should be moved up the agenda at a federal level.
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