- A message from our Global Head of Real Estate & Construction
Welcome to our first industry newsletter for 2016.
Although the year opened against a backdrop of economic uncertainty, a recent survey released by the Property Council of Australia, in partnership with ANZ, reveals the industry’s positive forecast for the national economy in 2016.
The outlook for any real tax reform is less positive with the White Paper process of the former LNP leaders now being shelved. Instead, the Turnbull Government’s first wave of tax reform is to be announced as budget measures in May 2016. An uplift in the GST has now been ruled out and reigning in negative gearing and CGT discounts are being touted as a way to fill some of that gap. There are winners and losers whichever option comes out on top, but the LNP will need to demonstrate that any such change won’t stifle growth in the economy.
In this edition we look at the continued efforts by the Foreign Investment Review Board to crack down on illegal holdings, the release of the first wave of the Federal Government’s Tax Transparency measures, new GST measures affecting the industry and fraud and corruption trends in the property market. We also sit down with Grant Thornton industry consultant, John Elvy, who gives us his predictions on the investor hotspots on Australia’s east coast.
The state updates bring you news and developments closer to home and impacting local markets.