18 March 2011
Todays announcement of an eight point Economic Growth Plan by the NSW Liberals and Nationals has been welcomed by the Urban Taskforce. The Taskforces chief executive, Aaron Gadiel, said the plan would give a much needed boost to the economy, because it highlighted the importance of land release, urban infrastructure investment and red tape reduction.
In the last eight years NSW has trailed the nation, Mr Gadiel said.
NSW has been the state with the lowest rate of job growth.
Queenslands rate of job growth has been double NSWs, but even Tasmania and South Australia have produced new jobs at a greater rate.
In the same timeframe the states urban development has been crippled by a tight rationing of land supply by the government, high infrastructure levies on new development and a red tape jungle.
No state has suffered a greater fall in new home construction than NSW over the last eight years.
Mr Gadiel said last year NSW produced only two-thirds of the new homes it produced in 2002, while Western Australia produced 28 per cent more homes than in 2002, Victoria produced 21 per cent more homes and South Australia produced 16 per cent more homes.
Even Tasmania has improved its level of new home production from 2002 levels – to the tune of 51 per cent, Mr Gadiel.
You will never have a strong NSW economy, without a strong rate of urban development
. Our society depends on new homes and new business premises.
When government limits urban development, its placing limits on the states economic success.
Were pleased that three of the Coalitions eight points in its economic growth strategy will directly contribute to a recovery in urban development and therefore help the wider state economy.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.