Property developers win big from COVID-19

Advertisement

While most sectors of the Australian economy are being hit hard by COVID-19, Australia’s protected property development industry are grinning with both the Victorian and New South Wales governments relaxing planning rules and ‘red tape’ to spur development.

Here’s The SMH:

Just when you thought our cities had been thoroughly trashed by a decade-long onslaught of towers and motorways, it’s set to get worse. Just when you thought NSW’s new building commissioner would surely respond to tower buildings that crack and burn without warning by re-regulating construction, the government tips the board the other way. For government, cheered on – one might even say led – by the development lobby, has removed virtually all planning constraint during the crisis…

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.