- White Paper hints at a $5B economic uplift if reform is adopted
- Housing supply will need to accommodate for 10.6M people by 2061
- Fears housing situation will deteriorate if reform is not addressed
The Property Council of Australia (PCA) New South Wales division has advised the State government will need to “keep their foot on the pedal” if it wishes to meet the population, job and fiscal forecasts over the next 40 years.
The announcement comes after the release last week of the Productivity Commissioner’s White Paper which suggests a $5 billion economic uplift if planning reforms are adopted by the middle of the decade.
Jane Fitzgerald, the Property Council’s NSW Executive Director, said while the report sends an optimistic tone, a triad of the planning system, infrastructure spending and tax framework will need to be adapted to achieve adequate housing supply.
“If our planning system doesn’t evolve to meet the need for additional growth, we will struggle to unlock the housing supply needed accommodate a state population of 10.5 million by 2061.”
Jane Fitzgerald, Property Council NSW
Furthermore, an additional 1.7 million additional homes would be required during the next four decades.
“…the option of inefficient and costly taxation, a planning system that still needs major surgery and a 20th century infrastructure roadmap simply will not get it done,” said Ms Fitzgerald.
“The introduction of COVID to our economic mix has focused the attention of government on enabling future growth like never before, but we can’t let short-term migration and growth figures muddy the long-term future reality.
“Our state GDP needs to double, our growth needs to be productive, and our planning system needs to be future-focused and adaptive.”
Ms Fitzgerald concluded her remarks by warning that the housing situation will worsen if stakeholders don’t work towards the “bigger picture”.
“If we don’t deliver housing and jobs in line with what’s on our horizon, housing will be less available, affordability will worsen, and the remoteness of communities to employment will be exacerbated, placing strain on our existing infrastructure and way of life.”