Top 5: Finance & property quotes week commencing November 24

By the resi financial blog team, 01 December 2014

Top 5: Finance & property quotes week commencing November 24

The first day of summer is officially here and the whole country seems to be gearing up for a well-deserved break before tackling the new year with renewed vigour. Government initiatives to increase the efficiency of markets and trade abound and industry commentators see this as a good sign.

#1. On November 25 Deputy Governor of the Reserve Bank of Australia, Philip Lowe addressed members of Australian Business Economists, and spoke about how to aspire to an economy that would be highly productive, globally competitive and operating at near full employment.

"[T]his is why investment in human capital is so important. It is through human capital that we can create the goods and services that can deliver on this aspiration. The quality of our human capital is critical to our ability: to solve complex problems; to develop and use technology; to deliver premium quality goods and services; and to respond quickly and well to an ever-changing world," said Mr Lowe.

#2. On November 27 the Standing Committee on Economics held an inquiry into foreign buyers in Australian domestic real estate, the result of which was several recommendations to improve monitoring and enforcement of foreign investment rules, while maintaining the positive effects of overseas investment in our economy.

"The Committee and Chair, Kelly O'Dwyer MP, are to be congratulated for listening to business and establishing workable solutions that will restore faith in the administration of foreign investment in Australian real estate," said Real Estate Institute of Australia CEO Amanda Lynch.

"Foreign investment in Australian real estate has been proven to increase housing supply but is also a highly charged and emotional issue. It is very pleasing to see the committee take on board the suggestions of business and produce a series of recommendations that will ensure foreign investment delivers on its intent and is not flouted."

#3. November 28 saw a joint release from the offices of the Minister for Finance, Mathias Cormann and Minister for Small Business, Bruce Billson. The report covered statistics on government procurement and gave special attention to small businesses.

"Of the over 10,000 businesses who contracted with the Government last financial year, 86.3 per cent were SMEs and 61.5 per cent were small businesses," read the official statement.

"These results confirm the substantial and growing contribution of small and medium-sized businesses to the Australian economy and that they consistently represent value for money for taxpayers."

#4. Minister for Trade. Andrew Robb, has launched an initiative to bring more international business to Australia.

"The high-yield economic benefits of hosting business events - not just for the tourism sector but for the wider community - are key contributors to the Government's economic diplomacy agenda, and are highly effective vehicles for driving industry growth, which is in keeping with the government's trade and investment priority areas," said Mr Robb on November 28.

#5. The importance of government investment to the advancement of local business and real estate markets cannot be undervalued. On November 28, Senator Eric Abetz spoke to the upcoming Fair and Lawful Building Sites Code 2014 and how it would impact infrastructure projects:

"If government-funded projects are delivered on time and on budget, the government can invest in more public infrastructure, which means more jobs for workers, better public infrastructure, more services and a bigger return to taxpayers for their investment."

Categories: Business Owners, Property Investment