Economic Significance of the Property Industry to the Australian Economy

Flashcards summarizing the economic significance of the property industry to the Australian economy in 2021-22 based on provided notes.

How many FTE employees did the property industry support in 2021-22, and what percentage of Australia's total employment does this represent?

The property industry supported 3.17 million FTE employees in 2021-22, which is 27.0% of Australia's total employment.

What was the property industry's direct contribution to Australia's GDP in 2021-22, and what percentage of the total GDP contribution is this?

The property industry directly contributed $232.7 billion to Gross Domestic Product (GDP) in 2021-22, which is 10.6% of the total contribution to GDP by all industries in Australia.

What was the combined (direct + flow-on) contribution to GDP of the property industry in 2021-22, and how much has it increased since 2010-11?

The property industry's combined contribution to GDP in 2021-22 was $530.3 billion, an increase of 56.9% from the $338.0 billion contribution in 2010-11.

What factors contributed to the slower growth of the property industry since COVID-19?

The slower growth of the property industry since COVID can be partly attributed to rent relief provided during the pandemic, supply chain issues, increasing interest rates, and tighter lending standards.

What is the breakdown of the 1.42 million FTE jobs directly supported by the property industry in terms of professional/technical roles and construction?

Of the 1.42 million FTE jobs directly supported by the property industry, 31.9% are in professional, technical roles and service provision, and 68.1% are in construction.

What percentage of wages and salaries paid to Australian workers is generated by the property industry?

Approximately 27.3% of wages and salaries paid to Australian workers is generated by the property industry.

What type of activity generates the majority of the property industry's economic contribution?

The majority of the property industry's economic contribution is generated by residential activity, accounting for 62.5% of contribution to GDP and 62.8% of contribution to jobs and employee incomes.

Approximately how much did the property industry contribute in combined Australian and State Government tax revenues in 2021-22?

The property industry contributed approximately $129.6 billion in combined Australian and State Government tax revenues and local government rates, fees and charges revenue in 2021-22.