The property industry has almost doubled its contribution to Australian GDP in the last decade and now has the economy’s largest footprint finds new research from AEC Group.

The property industry’s direct contribution to GDP in 2013-14 was 11.5% or $182.5 billion and it directly created 1.1 million jobs with these figures almost trebling when indirect contributions are also traced.

The report also found that Australia’s property industry pays almost more than double the amount of tax than the OECD average. Almost 16% of all taxes paid in 2013-14 were raised through combined Federal and State government taxes and local government rates, fees and charges relating to property.