Property Market is the Biggest GDP Contributor
In an article for the website Your Investment Property, Phil McCarroll talks about the figure furnished by the Property Council of Australia. It says that real estate contributed nearly 12% of the GDP of Australia in the last FY. Services pertaining to finance and construction in the property market have together bought business of about $182.5 billion and this is equivalent to 11.5% of the Australian Gross Domestic Product.
Real estate- the biggest GDP contributor
Home ownership and mining follow real estate when it comes to who gets the distinction of being the “biggest contributor to the economy”. Ken Morrison, Chief Executive of the Property Council, feels that Australian real estate has got quite a lot more to offer.
If its potential can be maximised, we will be looking forward to many more jobs and a great deal more prosperity. If the government can help cut down stamp duty and abolish certain taxes, the incentives will be right there for the taking for the property market.
Property market can propel Australian economy alone
These are times when the government is trying its best to extract more jobs from various sectors. The government would do well to put a lot of emphasis on the property market. This sector, after all, can really change the way economy is patterned in our country.
You can read the original article here.
Real estate can take up the mantle now
When the mining boom finally gave in, the government had to take the hard route of transferring the bulk of economic impetus to the property market and the construction sector. It brought down cash rate. The move worked.
Our real estate started to come out of years of decline. Now it is completely on its own feet and there is good reason to believe that it can guide our economy from here. It is for the government to stimulate the sector and aid its productivity.