Property is 11% of Australia GDP
02 June 2015 by News Desk
The property market in Australia directly accounted for 11.5% of GDP during the past 12 months. And it is the largest industry within the Australian economy, bigger than both the mining and financial services sectors.
The property sector contributed $182.5 billion to the national economy and represents a doubling of the industry’s share in the national economy in the past decade, according to research by AEC Group and the Property Council of Australia.
The industry, including property financing and associated professional and construction services, also accounted for an additional $279 billion in goods and services, making its total contribution to GDP in Australia $462.2 billion.
According to the Property Council the sector is responsible for the direct employment of 1.1 million people, as well as generates another 1.54 million jobs indirectly.
The AEC Group report also claims that the property industry paid $72.1 billion to the federal and state governments last year in the form of taxes, rates and fees, comprising 16 per cent of all taxes paid to the state within Australia. The rate at which the Australian property sector is taxed is twice the average for OECD nations.
