Election likely to have consequences for property industry

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The upcoming Federal Election could have will likely have an impact on the Australian property market in one way another according to a leading industry body.

With a range of property related issues set to feature heavily in this year’s election campaign, The Property Council of Australia (PCA) has called on both major political parties not to do anything that jeopardises the property industry or wider eceonomy.

“Many of the issues in play are vital to our industry – negative gearing and capital gains tax, the re-establishment of the Australian Building and Construction Commission (ABCC), cities policy, the funding of infrastructure and housing affordability,” PCA chief executive Ken Morrison said.

“As well, we will be looking to both sides to demonstrate that they have a plan for Australia that is economically responsible,” Morrison said.

“The challenge of this election is for both sides of politics to spell out the economic foundations that will drive the next 25 years of growth.”

The PCA has been a vocal opponent of the idea of changing negative gearing, something the Labor Party has proposed, but Morrison said his organisation will be willing to work with whoever take power after the polls close.

“We have already made our views known on negative gearing and the need to re-establish the ABCC,” he said.

Our role is not to endorse any particular political party.  The Property Council's job is to work with whoever the Australian people elect.

“And our job is to represent this industry. If we agree or disagree with policies, we will call it straight – and it doesn't matter if it's Budget night or the day before the election.”

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