Retirement
Our cities aren’t full, they’re ‘misdiagnosed’
The Property Council of Australia has weighed in on the population growth debate, contending that planning for growth, rather than declaring cities full, is the way forward.
Our cities aren’t full, they’re ‘misdiagnosed’
The Property Council of Australia has weighed in on the population growth debate, contending that planning for growth, rather than declaring cities full, is the way forward.
The council’s chief executive, Ken Morrison, said this week that Australia needs to shift its policy settings to growth, as that is “the Australian experience”.
“Our cities are growing. That means we must keep investing in the future. To their credit, our various state and territory governments get it (most of the time),” he said.
“There’s terrific investment in new transport linkages in Sydney, Melbourne, Brisbane, Perth and Canberra. That’s good news!”
However, this good news is tempered by the need for continued policy clarity. Mr Morrison noted that his comments come after days of debate about Australia’s cities and immigration, congestion and population growth.
With this in mind, however, the CEO argued that there are no modern agricultural economies scoring top marks for income, life expectancy, literacy and health because the economic, social, health and educational benefits that come with cities aren’t present in other economies.
Continuing, Mr Morrison conceded that frictionless growth is not an easy thing to achieve.
He said, “We face challenges from growing cities. The answer to these challenges is not to ‘wave the white flag’ or mistakenly declare that our cities are ‘full’. Rather it is to anticipate it, and to plan and invest for it. It is to choose smart growth over dumb growth.
“As a country we need to modulate our policy settings to growth, because that is the Australian experience.”
He said it’s critical that Australia avoids misdiagnosing its cities, as they are building jobs and future strength.
“But we must also keep investing in the capabilities of our cities to avoid the pitfalls that we have seen before,” Mr Morrison said.
Earlier this month, Mr Morrison commented on the Infrastructure Australia’s new report, Future Cities: Planning for our growing population, calling it a “candid and clear-eyed analysis which accepts that we are on an unavoidable growth trajectory”.
He said avoiding the truth about population growth is not an option
Mr Morrison commented, "Our existing metropolitan governance is clunky and the report makes clear it should be re-geared to overcome short-term and fractured planning in our cities.
"We would also urge all governments to seize the call for greater transparency around strategic planning tools and information, as this can help bring the community into the fold and make them active participants in the decision-making process.”
In the report, the independent statutory body said, “Australia’s largest cities are facing a watershed moment in their growth and development.”
It continued, “A growing population is an exciting opportunity to increase our national economic prosperity and liveability. The potential benefits are immense.”
Independent economist Saul Eslake recently told Nest Egg that Australia’s immigration policy has a “net positive” effect, due to the GDP boost and expanded tax base immigrants bring.
However, he added that this position, and Australia’s policy, would be easier to defend if Australia had better planned for the housing and infrastructure requirements a larger population demands.
Join the nestegg community
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
Join The Nest Egg community
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
Why retirees and soon-to-be retirees need to reassess their finances right now
Retiring soon and worried about your wealth? You aren’t alone
How to avoid crystallising a loss with your super
The 4 biggest financial risks facing self-funded retirees
Is your nest egg at risk?
Canberra: Elder abuse to be outlawed, employment encouraged
6 ways COVID-19 is hurting self-funded retirees
‘Common sense’ change to WA land tax
Retirement Planning
Why retirees and soon-to-be retirees need to reassess their finances right now
Investors should brace for the reality of the underlying economic situation to “kick in at some point” – which could have dire consequences for retirees and anyone who is looking to retire in th...Read more
Retirement Planning
Retiring soon and worried about your wealth? You aren’t alone
The economic impact of COVID-19 will have more of a sting for Australians approaching retirement than it will hurt current retirees, analysis of a new survey has revealed. ...Read more
Retirement Planning
How to avoid crystallising a loss with your super
Australians approaching retirement should be very wary of government programs that encourage them to withdraw their super when the market has bottomed out when other options are available, a chief exe...Read more
Retirement Planning
The 4 biggest financial risks facing self-funded retirees
Australia’s current retirement income system is riddled with systemic flaws that are detrimental to the financial wellbeing of retirees. But what are the biggest risks? ...Read more
Retirement Planning
Is your nest egg at risk?
Middle-income Australians are being encouraged to spend their retirement nest eggs or lose access to more disposable income from the aged pension, according to new research. ...Read more
Retirement Planning
Canberra: Elder abuse to be outlawed, employment encouraged
Canberra has revealed a new city plan aimed at supporting its ongoing development as a city that values the involvement and employment of older people. ...Read more
Retirement Planning
6 ways COVID-19 is hurting self-funded retirees
Self-funded retirees have been overlooked in government support measures to cope with COVID-19, an advocacy body has flagged. ...Read more
Retirement Planning
‘Common sense’ change to WA land tax
Western Australian home owners who are required to move into full-time care will soon be exempt from land tax on their former residence, the state government has revealed. ...Read more
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.