A new study by market consultancy AEC Group has revealed the Australian property sector greatly contributed to last year’s GDP and emerged as the country’s largest industry.
With an 11.5% direct contribution to the GDP in the last financial year, the property sector went on top of both the mining and financial services sectors, reports Sourceable.net.
The research conducted for the Property Council of Australia stated the property sector was able to contribute $182.5bn for the Australian economy, double the rate of the industry’s share in roughly a decade.
The property sector also accounted for $279.2bn worth of goods and services created by “flow-on effects”. This made the sector’s total contribution to the GDP jump to $462.2bn.
Apart from being a huge chunk in the country’s GDP, the property sector is also responsible for the employment of 1.1m employees, and provides jobs for 1.54m people indirectly.
“If we can unlock the potential to increase property’s contribution even further that will mean more jobs and more prosperity for Australians,” chief executive of the Property Council of Australia Ken Morrison was quoted as saying by Sourceable.net.
“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.”
Collections: Mortgage News
Share