Property Council welcomes $500 million economic boost

The New South Wales Government has announced a $500 million economic recovery package which is set to reclaim the state’s position as a top tourist destination.

The Announcement:

The Property Council of Australia has welcomed the NSW Government’s tourism recovery package worth more than $500 million as the state begins economic recovery.

Property Council’s NSW Executive Director Luke Achterstraat said the combined package would reclaim the state’s position as one of the world’s favourite tourist destinations.

“It’s fantastic to see that those operators who have been suffering most will be given a much-needed lifeline,” Mr Achterstraat said.

“Injecting life into our airports, CBDs, events and hotels sends a clear message not only to the rest of the nation, but also to the world that we are open for business.”

Mr Achterstraat said Sydney Airport had been running at 1 percent during the pandemic.

“Our airports have faced unprecedented challenges during this pandemic, so the $60 million revamp will go a long way in encouraging airlines to ramp up flights to Sydney,” he said.

“This ensures we will have first mover advantage and will reposition us back to pole position.”

Mr Achterstraat said the CBD revitalisation program worth $50 million would boost events in central business districts across Sydney, including Parramatta and Liverpool.

“Our CBDs are the engine rooms of our economy, and we need them firing with all cylinders over the summer to patch up the damage created,” he said.

“The same goes for events, now that people can be together we look forward to seeing the positive effects of the $150 million to supporting major events across the state.”

Mr Achterstraat said the Stay and Rediscover vouchers would be a welcomed boost for the hotels industry.

“The Stay and Rediscover vouchers will encourage people to get moving again and visit new destinations within their own state,” he said.

“Our hotels have either been shut or used as quarantine facilities over the past two years so today’s announcement will go a long way in getting the industry back on track.”

Source: Property Council of Australia

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: