Despite the impacts of the COVID-19 pandemic, Building and construction remains a large part of the state’s economy. When local government tax is included, it accounts for over 57% of the state’s tax revenue. The value of building and construction work done in 2020-21 accounted for 12 per cent of the State’s Gross State Product. We also know that every $1 million worth of residential building activity generates a total of almost $3 million in economic activity and supports nine full-time jobs across the economy.
In the September 2021 quarter, total building and construction work done in our state was valued at over $15 billion and has supported the broader national economy from the latest waves of lockdowns. This highlights our sector’s capability to continue to act as a facilitator for other sectors across our State to recover.
In our submission, Building a Sustainable and Modern Victoria, MBV has focused on measures that will sustain economic recovery. These include supporting the future of our industry by reducing the regulatory burden and duplication, improving planning delivery to ensure future developments meet the needs of our communities, promoting housing affordability, and providing tax relief for building and construction businesses. Such measures will ensure Victoria’s economy will continue to thrive for the months and years ahead.
Our submission draws upon feedback from across our industry and focuses on the following priority areas:
1. Building sustainable businesses
2. Modernising Victoria’s regulatory framework
3. Building a better future
4. Growing infrastructure investment
5. Housing affordability
Click here to view the Building a sustainable and modern Victoria - Master Builders Victoria 2022-23 State Budget Submission.