Real estate lobby calls for dedicated “property minister”

By Leith van Onselen

MB often refers to Treasurer Scott Morrison as “Australia’s real estate treasurer” because of his close links with the Property Council of Australia (PCA), where he served as National Manager of Policy and Research between 1989 and 1995.

We also frequently deride the Turnbull Government for its staunch defence of negative gearing, and its blatant lies surrounding the issue, as well as its support of Australia’s mass immigration ‘Big Australia’ policy, which is designed in part to keep the property industry well fed with extra demand.

Not happy with its already pervasive reach within the Coalition, the Real Estate Institute (REIA) is now calling for a dedicated “property minister” to be created within the Government to further the industry’s interests. From The SMH:

Real estate agents are pushing the Coalition to introduce a new ‘property services’ minister to bring the nation’s multi-billion dollar housing and development industry closer to the heart of government…

REIA president Malcolm Gunning told Fairfax Media that bringing property policy under the one roof would be “better for the public”.

“[Then] things such as first home buyer grants or incentives, stamp duty, all those [would not] just be looked at in isolation,” Mr Gunning said. “What you’ve got then is all people who are involved with that business in the one area, and that is not unusual.

“[Real estate and property] will then be given the importance and administration that it requires”…

The REIA submission noted the property sector was one of the largest sectors in the Australian economy and had been a driver of economic growth since the end of the mining boom.

“No matter what changes occur in the composition of sources of growth, property will continue to be a major source of employment and investment for decades to come as well as the major asset class for the majority of Australians,” it said.

However Alan Morris, a professor at the University of Technology Sydney’s Institute of Public Policy and Governance, expressed doubts over who a dedicated minister would serve.

“A minister for ‘property services’ has the connotations of serving a particular interest,” Professor Morris said. After reviewing the REIA’s submission, he said the impression he got was it was “all about strengthening the real estate industry”.

This site has long called for a dedicated housing ministry within the Turnbull Government, as well as an overarching national housing policy. These would serve the national interest far better than the “property minister” proposed by the REIA, which is clearly intended to serve the real estate industry first and foremost, which is already heavily favoured by the Turnbull Government.

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Comments

    • What an absolute bunch of c$$ts.
      The is no minister of housing (refuse to use caps) & no department of housing. Many people who sold to foreign nationals or ATE their young ie sold to FHB with MEGA mortgage made out like bandits.

      Witness annual Euro holidays, SUV’S for two and something fancy for the weekend/golf club/driveway on a sunny day! Those with long held mortgages nearly paid up got to enjoy equity mate snapping up and extra pleb house/flat or 50 in less desireable suburbs where average people lived their average lives.
      The ‘one bedroom’ untapped investment potential flat frenzy of 2007 saw me move home 12 times in 10 years chewing up savings along the way. Post GFC things went from bad to worse as owners sold, renovated, handed over mgmt to new agency, went Airbnb or let to Euro $457 in Sydney’s east.
      Back then they were modest with 8 punters per 2 Br flat. In a block of four that’s 24 pissed backpackers ringing the bell cos one shared key then crashing up stairwell at 4am.
      Imagine my joy the day my job got made ‘redundant’ based on ‘poor performance’ then replaced by $457 from UK that few could understand due to accent. She was still cheaper than me who turned over 230K /month on a budget of 100K after long nurtured relations that paid off. Ironically i was moved on for challenging a colleagues racist rant against another. Convenient political correctness!
      Try challenging that through http://www.fairwork.gov.au for firsthand experience in irony.
      Pro property/immigration punters would say harden the f up sweetie and get yourself a mortgage.
      IMO the property / immigration bubble has wreaked untold havoc in personal, private, professional and financial lives of those who lost jobs and homes on the way up so prayers that it will balance out on the way down.
      Bitterness gets into the bones especially when the choice was to debt beyond ones means, lie on application forms, go against all commonsense or not do these things and get moved from pillar to post in housing /$457/ immigration game. Talking to peers and people younger than me I’m not alone in the bitterness although few will say it out loud because they sound like a whinged and who wants to be that? Adding to the indignity is having to smile and welcome with open arms those literally taking jobs and affordable homes whether Euro or Asian cos political correctness and ‘you’re a racist.’
      I’d call for a Minister of Corruption but seems we have parliament stacked with those.

      • Hey Billygoat,

        Just FYI, you’re not the only one, at all. Your post entirely resonates with me, I’m 40, no home, savings, shit interest rate, taxed on it, utterly as bitter as you.

        We’ve been fucking robbed. You summed up my feelings entirely. Depressing.

      • Great post Billygoat and right there with you buddy. If it’s any consolation mate, I know that what goes around comes around and I’m talking on a cosmic scale. The greed around is nothing but evil, pure and simple, and those gorging at the trough will eventually face their makers and their just rewards.

  1. A property minster would threaten Morrison’s post political career plan. Better to pick up a slug from any garden and ask the GG to make it a minister.

  2. Absolutely agree we need a minister with a dedicated housing portfolio, and yes call them a “housing” minister not a “property” minister. (Didnt we used to have such a minister in the not too distant past?)

  3. I thought Morrison already held this position. Being called Treasurer is just a Trojan Horse.

  4. Seriously. Even if the real estate lobby was being sucked down towards the centre of the earth they’d still be able to find new lows!

  5. I mean it’s so confusing, the industry needs official titles so they know where to take the brown paper bags. No point spending money on the wrong people.

    • St JacquesMEMBER

      hmmm makes good sense. We need efficiency in the government. Come to think of it the government should roll Foreign Affairs into this new ministry.

  6. St JacquesMEMBER

    The FIRE sector already owns the three main parties and the Parliament. Why the need for a punny Ministry of Rent Seeking?

    • It is the nature of Ponzi schemes that unless the increase in the rate-of-growth (second derivative) is positive, the whole show crashes. Therefore it must be fed energy to the limits of the universe.

      Tldr: because MOAR!

      • Funnily enough the 3rd derivative is referred to as a Jerk.
        From http://wearcam.org/absement/Derivatives_of_displacement.htm

        3rd derivative is jerk
        Jerk, (sometimes called jolt in British English, but less commonly so, due to possible confusion with use of the word to also mean electric shock), surge or lurch, is the rate of change of acceleration; more precisely, the derivative of acceleration with respect to time, the second derivative of velocity, or the third derivative of displacement. Jerk is described by the following equation:

        where
        is acceleration,
        – velocity,
        – position
        stands for time.

  7. The Horrible Scott Morrison MP

    I support any policy with the potential to ensure a continued strong housing market. A property services minister, negative gearing, sacrificing new born infants to Grorgon The Property God.

  8. I don’t need no arms around me
    And I don’t need no drugs to calm me
    I have seen the writing on the wall
    Don’t think I’ll need anything at all
    No, don’t think I’ll need anything at all
    All in all it was all just bricks in the wall
    All in all you were all just bricks in the wall

  9. Real estate lobby calls for dedicated “property minister”.

    Arnt there already enough wankers in government ?

  10. Nope. Wrong solution (as usual).

    Instead, disband the RBA, issue the pink slips and let markets decide interest rates. Problem solved.

    Result: Harry and the rest of the property parasites get dry-rooted with the rough end of a pineapple …. property affordability problem solved as a tsunami of property speculators (pardon me, ‘investors’) puke their ‘get-rich-quick’ projects into the market, sinking it by 50-70%. Younger generations celebrate 😉