THE Real Estate Institute of Queensland is welcoming the Crisafulli Government’s Queensland Productivity Commission, emphasising the pivotal role productivity plays in ensuring a sustainable and balanced housing market and a healthy economy.
In a submission to the Governance, Energy and Finance Committee, the REIQ said taxation, legislative and regulatory settings could hinder the sector’s ability to respond to growing housing demands, but also serve as a continuing drain on the broader economy.
REIQ acting CEO Katrina Beavon said the establishment of the commission was a valuable opportunity to address Queensland’s housing challenges with industry-informed policy solutions.
“We commend the Government for prioritising Queensland’s productivity challenges, a call the REIQ highlighted in our State Election policy platform,” Ms Beavon said.
“Housing is an essential pillar of our economy and community wellbeing, often regarded as the backbone of stability, but we are concerned that legislative interventions and current tax settings are stifling its potential.
“A targeted focus on productivity in this far-reaching and economically critical sector will drive substantial benefits, boosting prosperity and delivering value for all Queenslanders.
“The Productivity Commission must engage meaningfully with industry experts and stakeholders to ensure its recommendations are practical, balanced and enhance productivity across the housing ecosystem.
“We would also like to see the PC hold public hearings wherever possible to ensure transparency and robust debate.”
Ms Beavon said the critical areas the REIQ would like the commission to review include barriers to home ownership, the impacts of recent legislative changes on the rental market, and opportunities to optimise the tax environment to increase housing supply.
“In the last term of government, the housing sector has faced an unrelenting wave of legislative reforms in the rental space,” Ms Beavon said.
“While many reforms were well-intentioned, they have added significant administrative burdens and complexity without necessarily delivering better outcomes.
“Vacancy rates remain critically low, the social housing waitlist remains stubbornly long, and homelessness is on the rise.
“Additionally, mounting mental health challenges are pushing property managers out of the industry, with legislative burdens being passed on and effectively functioning as a tax on small businesses.
“It’s time to hit pause and take stock of whether the current approach is inhibiting or enhancing productivity.
“A holistic review by the PC is the right step forward and the REIQ stands ready to collaborate and provide our sector’s insights.”
