REINT CEO Quentin Killian on what the industry needs this election

THE Real Estate Institute of the NT has a wishlist ahead of the NT Election next week. QUENTIN KILLIAN explains

I have been asked to write our ‘wish list’ ahead of the August 22 elections. A bit like an early Christmas list, but instead of “Dear Santa, this year …” it is “Dear Leaders, for the next 4 years …” This is not an exhaustive list of what our industry is seeking and what concerns them, but rather, a selection of the most pressing matters.

Quentin Killian, chief executive of REINT, has a wishlist this Territory election

LEGISLATION

The “Pet Laws”. This is really the “Removal of Landlords’ Rights Laws”. These amendments were passed in February but remain inactive. Why? Because it was a grave error in judgment to pass these amendments into legislation in the first place, and the fact they remain inactive further supports our view that they are unnecessary amendments.

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Immensely unpopular with Territorians, they will cause investors and landlords to reconsider their property investments in the Territory, or not invest here at all.

These amendments also open the door for other legislation that will further erode property owners’ rights and the real estate industry is calling on any government after 22 August to repeal these amendments. Not shelve them or hold them in abeyance, but repeal them entirely.

POPULATION

While a lot of reports have been generated, there has been little result. Whoever takes government must devise a workable strategy to create employment and business opportunities in the Territory, through incentives for business, which then drives population demand.

This must be longer term employment, not just project based or FIFO employment. Longer term engagements lead to more people establishing roots in the community, which in turn leads to property investment.

NT population continues to shrink as 18,000 move interstate

Attention must also be given to workforce attraction in Alice Springs. There are ample employment opportunities but a diminished workforce.

This must be a priority for any incoming government and it must extend beyond research, charts and proposals. It must be action based and must result in a major boost to the Territory population.

RED TAPE

This seems to be a commitment of every government and after a short period either gets shelved or just overburdened and seems to get no results.

Dealing with red tape cannot continue to feature in doing business in the NT. Picture: ISTOCK

It is time for government to stop behaving like an episode of Yes Minister and realise that ‘Public Servant’ means to make it easier for the private sector to do business and achieve business growth. It is time to reform the public service and align its outputs to those of the business community

 

FIRST HOMEBUYER

INCENTIVES

The First Home Buyer Stamp Duty concessions has been one of the more successful initiatives of the current government, which has resulted in a sizeable boost in first home sales from the existing property market. This has been particularly prevalent in Alice Springs.

We are seeking the retention of the stamp duty concessions on existing home purchases for first home buyers and the bonus for white goods.

TAX REFORM

We call upon the government of the day to commit, univocally, to guaranteeing they will not be introducing a Land Tax to the Northern Territory. The NT is the only jurisdiction without a Land Tax and this is a real incentive for investors and reduces costs for Territory property owners.

Given the state of the economy, post COVID, and the need for budget repair over the coming years, it is more important than ever that we avoid the introduction of new and unwarranted taxation.

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So ‘Dear Leaders’, those are some of the things we would like. This will be one of the most important elections the Territory has ever faced.

We have the impacts of COVID-19 to deal with, albeit that we are less impacted than the Southern States, but we also have a debt that is ballooning out of control and a population that continues to flee the NT.

Whoever controls government after this election has a mighty task ahead of them, but it is a task that must be addressed quickly.

I would urge our incoming leaders to make use of the knowledge and expertise that exist in the business community.

Talk to us, but more importantly, listen to us. We can, and will, help if you ask.

Quentin Killian is the chief executive of the Real Estate Institute of the Northern Territory