According to figures released by the Property Council of Australia this week, the property industry contributed almost 12% of Australia’s gross domestic product last financial year.
Figures in a report commissioned by the Property Council from consulting firm AEC Group show that property-related financial, professional and construction services contributed $182.5 billion to the economy last year, which makes up 11.5% of GDP.
The Property Council claims these figures make the industry Australia’s biggest contributor to the economy, ahead of home-ownership ($147.1 billion) and mining ($140.9 billion).
While the strength of the industry has grown, Property Council chief executive Ken Morrison believes the sector has more to offer.
If we can unlock the potential to increase property’s contribution even further, that will mean more jobs and more prosperity for Australians,” Morrison said.
“Governments can help make this happen by abolishing our most distorting taxes, like stamp duty, and streamlining planning processes to make housing more affordable for all Australians.”
Morrison also believes changes aimed at allowing the property industry to keep growing would also help the economy stay strong as the mining boom slows.
“We know that governments at all levels are looking for ways to secure strong and consistent economic growth,” he said.
“This report confirms that they should be focused squarely on property as the industry that can deliver this for them.
“Our contribution to jobs and growth eclipses that of any other industry.”