The property industry in Australia has grown larger than mining, financial services or home ownership. The industry has since doubled its contribution to the country’s gross domestic product in the last decade.
According to research commissioned for the Property Council of Australia, the property industry contributed $182.5 billion or 11.5 percent of GDP to the Australian economy in the last financial year. Home ownership had a value of $147.1 billion while the mining industry had $140.9 billion.
The Property Council wants to use the property industry, which employs about 1.1 million people. The industry is the second biggest employer after social assistance and healthcare. The group is prepared to lobby for reforms to promote growth, reports the Australian Financial Review.