25 October 2019

Property Council sees opportunities in future growth

| Karyn Starmer
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Adina Cirson

ACT Executive Director of the Property Council of Australia Adina Cirson. Photo: Supplied

The ACT Property Council has welcomed the release of the ACT Government’s long-term infrastructure plan, which details over $14 billion worth of infrastructure investments right across Canberra.

Industry groups had been collectively advocating to the government about the need for a long-term infrastructure plan that clearly outlines how to meet the needs of a growing and changing population, including plans for both physical and social infrastructure to improve the city for the community.

Property Council of Australia Executive Director, Adina Cirson says the report, released on 17 October, clearly articulates what is needed in order to realise opportunities being created by the unprecedented growth in the Canberra region.

“The ACT Government has, for the first time in many years, clearly laid out a long-term plan for future growth and opportunities for co-investment by the Federal Government. Importantly, it has also committed to identifying opportunities for joint ventures with the private sector to deliver what is needed for the next decade and beyond,” Ms Cirson said.

“Canberra is growing by more than 7,000 people every year and our importance as the economic hub of the region continues to rise, so now is exactly the right time to set forth an ambitious and clear plan for managing that growth. It is not only about how we sustain our population growth but how we can all realise the opportunities that develop from a transforming city in the heart of the region.

“By setting out a long-term infrastructure plan that identifies key projects, particularly those marked for delivery in the next five years, creates certainty and exactly the right foundation for investment by the private sector. The plan is well timed, as expectations about growth and the construction timetable within the property sector are currently at historic highs,” Ms Cirson said.

Growth in the ACT continues to outperform almost all other jurisdictions, with the Chief Minister pointing out that growth is second only to Victoria. The Property Council expects this trend to continue.

“The ANZ/Property Council Survey expectations are particularly high for forward work schedules, staffing levels, state economic growth, residential, office, retirement, retail and hotel capital growth, which are all out-performing other states. So there couldn’t be a better time to clearly articulate the opportunity for strategic investment and growth policies, which in turn creates jobs and keeps Canberra punching above its weight. We intend on working very closely with the government to deliver identified projects as soon as possible for the benefit of the whole Canberra region,” Ms Cirson concluded.

More on the Property Council, including the contribution of the sector to jobs and economic growth, visit www.propertycouncil.com.au.

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michael quirk8:21 am 28 Oct 19

Despite the Property Council’s praise, the ACT Infrastructure Plan does NOT clearly outline how the needs of a growing and changing population are to be met. The Plan does not indicate why some infrastructure projects are prioritized over others, or adequately indicate when and where infrastructure is to be provided. It further demonstrates the government’s failure to undertake evidence based planning.

Consequently the government is not is a position to achieve its stated goal of getting city growth right through effective management. The growth in the ACT population requires the judicious use of limited funds to meet the needs of the community.

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