The release of the final report of the banking royal commission, and the government’s response, has come at a critical time for the property industry.
As you’ll read in this issue of Property Australia, we’ve urged our policy-makers not to ‘break the economy’ while fixing the problems in our banks.
It’s important to connect the dots when talking about changes to our financial system. If it’s harder for people to get credit, they will spend and invest less which in turn becomes less business growth and less demand – and a direct impact on the 1.4 million jobs supported by our industry.
Property is Australia’s biggest industry, so its shifts in sentiment, investment and construction also has a big impact on the wider Australian economy.
It’s essential that our politicians and policy-makers keep this at front of mind when considering their response to the royal commission, or discussing other changes such as negative gearing or capital gains tax.
While we are witnessing challenging times in housing markets, in the next few days you’ll be hearing more about how our office markets are performing around the country with the release of our latest Australian Office Market Report.
It’s a good news story and a window into the strength and dynamics of white collar employment around the country.