Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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Sweetwater, a world class winery located in the rolling hills of the Hunter Valley, has been listed for sale.
<a href="https://jurds.com.au/listings/rural_sale-319321-pokolbin/" target="_blank">The 48 hectare Pokolbin property</a> is being marketed by Jurds Real Estate as the most significant country vineyard estate in Australia.
Inspired by southern European vineyard estates, in it is a planned hamlet with a series of interlocking properties of differing eras.
Producing Cabernet Sauvignon and Shiraz on 16 hectares, there is also a cellar door.
<img src="/images/2015/02/18/sweetwater-feb-17-three.jpg" alt="">
There is private owners and guest wing accommodations, entertaining loggia and plunge pool. There is also an olive grove.
Sweetwater Wines, part of the Hardie Holdings group, purchased the land in 1997 in Belford from Belford Pastoral Company, which was originally granted to the pioneering Richard Jones, a merchant and pastoralist.
In 1829 Jones had received 10,000 acres at Singleton in the Hunter Valley from where he established one of his finest vineyards in the Patrick Plains Shore at Sweetwater Creek off Old North Road. 
In 1844 from Jones’s first plantings, his vineyard produced a total of 2,000 gallons of wine. 
<img src="/images/2015/02/18/sweetwater-feb-17-one.jpg" alt="">
When Sweetwater Wines purchased the property, there was clear evidence of several vineyards, which at that stage consisted of rows of mainly dead, but in some cases struggling vines with huge old knarled bases and the odd spindly vine struggling to survive. These were being grazed by cattle, and on advice from our viticulturist, dozed and burnt, as a precaution against plant disease.
Sweetwater Wines had Brian McGuigan give early advice on the layout and planting, having worked on the vineyard when he was about 18 years old.
Alan Jurd at Jurds Real Estate has Sweetwater for sale with $30 million plus expectations. "The enquiry levels of 2007 have started to return given the current exchange rate," he said.
{qtube vid:=LfAHBt8Sf8M}
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jchancellor-FAypfDUnLy

Sweetwater, the world class Hunter Valley vineyard estate has $30 million plus hopes

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GUEST OBSERVATION
Dear Premier Palaszczuk,
As you meet with <a href="https://www.couriermail.com.au/business/business-looks-for-economic-diversity-infrastructure-stability/story-fnihsps3-1227220692715" target="_blank">Queensland business leaders</a> on Tuesday and get down to the business of governing, you’re sure to face many immediate preoccupations and challenges. But considering <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-01-23/regional-queenslanders-worried-about-downturn-of-state-economy/6035220" target="_blank">the economy was the dominant issue</a> of this election, I would like to provide three pieces of advice for your new Labor minority government.
The economy is ultimately about people
First of all, I would encourage you to remember that the ultimate objective of economic policy is to promote inclusive economic growth and welfare. I use the word inclusive here to mean that all individuals, especially those at the bottom end of income distribution, should be guaranteed access to the benefits and opportunities arising from the increasing pace of economic activity. It is only by being inclusive that growth can effectively generate “development”.
Budget, taxes, debt and expenditure are only tools that the government can use to achieve the fundamental goals of inclusive growth and welfare. Unfortunately, in the recent past both the federal and Queensland governments have mistaken tools for objectives.
This has led to a policy of “minimisation”: to minimise debt, minimise deficit, and minimise expenditure. This is hardly a good way to run fiscal policy. On the contrary, inclusive growth and welfare become more difficult to achieve when the only purpose of policy is to shrink the size and scope of government, thus compromising its ability to supply public goods and to stabilise the economy against cyclical shocks.
There are two important features that should instead characterise good fiscal policy.
One is the synchronisation of expenditure with the business cycle. Cutting expenditure just to balance the budget in a time of economic contraction will only make the contraction worse. Conversely, when the economy slows down, the government should increase expenditure and possibly run a deficit. This will help the economy recover.
That is not just theory: my own research on Australia indicates that one extra dollar of government expenditure generates <a href="https://www120.secure.griffith.edu.au/research/file/dd80d33e-ccac-46f9-ac58-d9ff7d41b5b7/1/2014-08-does-government-expenditure-multiply-output-and-employment-in-Australia.pdf" target="_blank">more than one dollar</a> of gross domestic product (GDP). I have done similar research for Queensland, which is yet to be published but which found a similar result.
Of course, the increase in expenditure and deficit in time of contraction must be offset by expenditure cuts and surpluses in time of economic expansion. This counter-cyclical pattern of government expenditure and deficit will ensure that the economy is stabilised in response to shocks, and there is no accumulation of debt in the long-term.
The second feature of good fiscal policy is attention to quality considerations in public investment. It is rather common to think that economic growth is just a matter of investment, and hence that the best (and possibly only) way in which governments can support growth is by throwing money into some infrastructure projects.
But the quality of investment and spending is as important as its quantity. Quality, for instance, means that upgrading the curriculum or promoting work-integrated learning is as important as building a new school.
Similarly, the growth payoff from building a tunnel that does not really address any transport bottlenecks or does not facilitate connectivity between market nodes is going to be small. I guess that the general message here is: public investment in infrastructure is not a panacea, and there is more that the government should/can do to promote inclusive growth.
Obsession with debt
My second bit of advice Premier is to get some perspective on the “debt problem” of Queensland.
There is no question that <a href="https://theconversation.com/the-true-state-of-queensland-debt-36345" target="_blank">Queensland debt has grown considerably</a> since 2006-07, and that today the debt to GDP ratio in Queensland is higher than in the rest of Australia, as I showed <a href="https://theconversation.com/the-true-state-of-queensland-debt-36345">in a recent article</a>.
But from a policy perspective, what matters is not much the comparison with other states, but instead the extent to which debt is sustainable. Sustainability refers to the dynamics of the debt to GDP ratio in the long-term. It is a simple matter of algebra to show that debt is sustainable as long as the economy grows sufficiently fast.
So, the issue of sustainability is essentially a question of economic growth. If in the attempt to reduce debt you were to undertake cuts or actions that undermine the growth potential of the economy, then the debt problem would simply get worse.
Now, this does not mean that Queensland should take a course of fiscal profligacy. It means, however, that there is no need at this stage to make drastic measures to repay debt. The type of counter-cyclical fiscal policy previously described, coupled with sound interventions in support of growth, will be enough to prevent further debt accumulation and hence to ensure its sustainability.
I welcome your government’s decision to re-consider the proposed plan of asset privatisations. It is the wrong response to a problem that does not require any such strong choice.
From an economic perspective, there is simply no evidence to support the notion that the private sector always does it better. Certainly, there are several examples of successful privatisations of public assets. But there are also many instances where privatisation has not resulted in a decrease in price and/or an increase in consumer’s satisfaction.
What does the economic data tells us?
And this brings me to the last bit of advice: make sure that your team takes a comprehensive look at the economic data before making any big decisions.
If good fiscal policy means that government expenditure must be synchronised to the business cycle, then the government must be able to identify and even predict the phases of the cycle. This in turn requires making the most efficient use of the large volume of statistical information that is available today. That is, good economic policy must be guided by a good understanding of the economic data.
A good look at the data is also important in terms of communication. I do not think that it helps the cause of any government to advertise a strong economy when – as is the case in Queensland today – gross domestic income per capita <a href="https://theconversation.com/the-true-state-of-queenslands-economy-without-the-spin-35959">is declining</a>, the only jobs that are being created <a href="https://theconversation.com/what-unemployment-figures-really-say-about-queensland-36305" target="_blank">are part-time</a>, and the unemployment rate <a href="https://theconversation.com/what-unemployment-figures-really-say-about-queensland-36305" target="_blank">is higher</a> than what it was three years ago (with or without seasonal adjustment).
Fabrizio Carmignani is a professor at the Griffith Business School at Griffith University.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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FabrizioCarmignani-GxUevkhNYc

Queensland’s biggest economic challenge isn’t debt – it’s growth

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The extent to which the Abbott government’s woes have effects in the real world of Australian lives was on display in last week’s January unemployment numbers from the <a href="https://www.propertyobserver.com.au/https://abs.gov.au/ausstats/abs@.nsf/mf/6202.0?OpenDocument" target="_blank">Australian Bureau of Statistics</a> (ABS).
First, the good news: the number of aggregate hours worked in January was up a lot — 0.5% seasonally adjusted. And part-time employment rose nearly 16,000 jobs, seasonally adjusted.
But nationally, unemployment rose 0.3 points to 6.4%, the highest in over 12 years. That more than reversed the surprise fall in December to 6.1% from 6.2% in November. In trend terms, unemployment remained steady at 6.3%. Participation was steady at 64.8%, seasonally adjusted, so the big rise in unemployment was not due to participation. It was driven by a fall of 28,000 in full-time jobs.
There was a 0.3 point rise in unemployment in NSW to 6.3%, where participation dropped 0.1 of a point. It dropped the same in Victoria, where unemployment rose to 6.6% from 6.5%. In Queensland, the final legacy of the Newman government was a 0.3 point rise in unemployment to 6.5%, off the same small fall in participation as in NSW and Queensland. South Australia saw a big rise in unemployment, from 6.6% to 7.3%, but the numbers in smaller states are always more volatile, and it was accompanied by a 0.7 point jump in participation. Western Australia recorded a fall of 0.3 points to 5.9% unemployment, off another 0.1% fall in participation, while unemployment was flat in Tasmania at 6.6%.
Overall, the numbers show that, as forecast, the jobs market slowed at the start of 2015 after a strong finish to 2014. That strong quarter coincided with problems around the accuracy of the ABS jobs data. But in a note with the release, the ABS made it clear those recent problems had no impact on the January figures:
“The increase in unemployment in January 2015 in original and seasonally adjusted terms has not been caused by the recent changes to the ABS supplementary survey program.
“Historically, the ABS had not conducted supplementary surveys in the December and January months, and no supplementary surveys were conducted in December 2014 and January 2015.”
It continued:
“The increase in unemployment in original terms is due to:
<ul>
<li>a net increase in unemployment in persons who responded to the labour force survey in both December and January (the ‘matched sample’),</li>
<li>a contribution from the incoming rotation group compared to the group it replaced, and</li>
<li>a contribution from persons who responded in December but not in January and vice versa.”</li>
</ul>
“Overall response rates for both December and January were in the ABS’s target range of 93% to 95%,” the ABS added. Adding to the need for caution about the jobs data was the number of jobs added to the economy in December being revised upwards from 37,400 to 42,300. A downward revision would add to any feeling the jobs data for January was showing a weakening demand for labour.
The overall result bears out the RBA’s obvious concerns about the fragile state of growth in the economy. And the concerns of the rest of us that the Abbott government doesn’t have the wherewithal to address it.
This story originally appeared on <a href="https://www.crikey.com.au/2015/02/12/unemployment-lurches-up-while-government-navel-gazes/">Crikey</a>.
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po-LsXgBTHBmX

Unemployment lurches up while government navel-gazes

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The prospect of including the family home in the pension assets test was not being seriously considered by the Minister for Social Services, Scott Morrison.
He reportedly discussed it with two seniors groups, National Seniors Australia and Council on the Ageing (COTA) Australia last month, but ruled it out this morning.
It was suggested the government had agreed that Baby Boomers, whether retired or approaching, would be exempt from any asset test changes that would be transitional to allow ample time to prepare.
The discussion comes ahead of the upcoming intergenerational report, the five-yearly public service exercise containing the 40-year budget forecasts.
Morrison, who was put in charge of the welfare system in the late 2014 Abbott Government ministerial reshuffle, sounded out seniors groups during talks late last month, according to the report by Phil Coorey at The Australian Financial Review.
But today Scott Morrison said the idea of restricting wealthier retirees' access to the pension by means-testing their homes was not something he was considering. 
"The idea that this Government would put the family home in the assets test for the pension is just not under consideration," he told ABC Radio National this morning.
Instead Scott Morrison said he wanted to encourage older people to move into smaller homes using the money to fund their own retirement.
"There is a big penalty at the moment for people who want to choose to sell the family home and to use income to support them as they age," he said.
"We do have an ageing population and at the moment the system penalises people for doing that."
The 2010 intergenerational report estimated that by 2049-50, age-related pension payments would increase from 2.7% of GDP to 3.9%.
The Grattan Institute estimated in 2013 that including some of the value of the home in the assets test could raise $5 billion a year given pensioner-age households with a $1 million in net assets. 
Labor opposes including the family home in the assets test on the basis that the value of the home depends on where people live.
"A lot of people would live in Sydney, for example, in a house they bought a long, long time ago, which has increased in value. Doesn't mean they are cash rich. It just means they are living in a house in which they have raised their family and which now has a considerable value to it because they live in Sydney," shadow treasurer Chris Bowen said.
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Scott Morrison re-considering family home inclusion in pension assets test

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 Is NSW building a property crisis?
Well there are many arguments to this equation although I don’t really believe we will see a major downturn from a real estate collapse. 
Parts of Australia are doing exceptionally well and other parts such as Western Australia (which are not reported) are experiencing massive corrections. The heart of the problem is that Australia is now into its sixth year of a low cash rate that looks to go even lower.
It was not a good week with the Australian Bureau of Statistics (ABS) releasing the jobless rate this week which showed that the jobless rate had jumped from 6.1% to 6.4% between January and December. Australia now has the second highest unemployment rate in the English speaking world. 
Of course the Abbott government will point to the Senate blocking key budget measures which is in part true however those measures are not going to resurrect the jobless rate. As I wrote last week – <a href="https://www.rwm.com.au/2015/02/06/kick-start-the-economy-and-abolish-payroll-tax/" target="_blank" title="Kick start the economy and abolish payroll tax">kick start the economy and abolish payroll tax</a> given for years Treasury officials and commentators have expressed opinions that this tax is slowing down business growth and jobs.
NSW faces an election next month so imagine what would happen if NSW Labor announced that if elected they would abolish payroll tax? The NSW government has an extra $20 billion in the bank following the sale of poles and wires so it would be fair to see concessions made to their ugly taxes of stamp duty and payroll tax.
In 2013, 14 more than 860,000 real estate transactions were undertaken in NSW which in real terms equates to a windfall in stamp duty receipts. So what we have is the NSW government making hay whilst the sun shines, although I would issue a warning to them in that NSW will see fewer transactions given a large proportion of these transactions went to investors who are long-term investors. 
The other point that needs to be raised is that NSW and Victoria have the highest rates of stamp duty in the country where the rates have only ever gone up. In NSW the stamp duty paid on a median – priced home has grown to around 25% of annual disposable income per household, from close to 10% in 1991.
NSW is in the fortunate position that it has amazing upside with investors clamoring to buy bricks and mortar largely within a 15 kilometre radius of the CBD. These suburbs are gold plated where for the very first time they have multiple buyer demographics – overseas buyers, investors, home owners and first home buyers to a lesser degree.
One Mosman real estate agent incorrectly reported this week (no surprises there) that Asian buyers accounted for around 20% of Mosman house sales in 2014. Like most things we have read about real estate in recent times there is much more fiction than there is fact. 
I went to CoreLogic RP Data and noted that Mosman recorded 353 house transactions in 2014 and looked at the vendors names and noted that on 36 occasions the buyers had Asian names. So 36 transactions from 353 sales shows a market share of 9.8% and the vast majority of these would be Australian residents – although we will never really know.
You see it’s very easy for an overseas buyer to transfer money to an Australian resident to buy a property which is placed in the resident’s name. Down the track, when the overseas party is granted Australian residency, so long as they show proof that the buyer of the property was acting as their “trustee” and all the monies paid was theirs, then at a cost of $50 they can transfer the property into their name – it’s that easy. 
The Foreign Investment Review Board never hear or even see these stealth property transactions, but the state government does receive stamp duty from the transaction although many would argue that this loophole needs to be closed as a matter of urgency. The other problem is that the appointed authorities have no idea that this even exists or for that matter happening. If it’s a loophole then it should be closed.
So back to the cash rate, which has now been at record lows for six years and will in all probability stay at these lows for probably another six years. The average term for a mortgage is 25 years so what we are seeing is half that term (12 years) at record lows where nearly all are not on interest only repayments. So theoretically, when the cash rate does start increasing those households would have paid down the greater share of their respective mortgage.
A NSW Greens candidate has weighted into next month’s election by proposing significant changes to the rights of those renting:
<ol>
<li>Allow landlords to impose one increase in rent per year.</li>
<li>
Cap rent rises at the rate of inflation (or the CPI) which is usually around 2 to 3% each year.
</li>
<li>Not allow landlords to evict tenants without a valid reason.</li>
</ol>
So when it comes to property and taxes in NSW, we all must remember that our politicians know best.
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robertsimeon-hRNTwJyXkQ

Is NSW building a property crisis?

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Prices for residential property in Australia’s major capitals will continue to rise but at a slower pace than in previous years and there will be variation across different parts of the cities, the head of Mirvac has forecast.
Demand for housing is outstripping supply in many locations, while low interest rates are continuing to support residential markets and housing finance is up in all major states, Mirvac chief executive Susan Lloyd-Hurwitz said at the company’s half-year results briefing.
“We expect housing credit to continue to grow,” Lloyd-Hurwitz said.
The value of dwelling finance commitments excluding alterations and additions rose 4.7% from November 2014 to December in seasonally adjusted terms, the latest Australian Bureau of Statistics (ABS) data shows.
Building approvals increased by 8.8% in seasonally adjusted terms in the December quarter of 2014 compared with the same quarter of 2013, according to ABS figures.
“Sydney in particular is supported by entrenched undersupply,” Lloyd-Hurwitz said. “Over the next 20 years an additional 1.6 million people will live in Sydney and to accommodate that population growth the market needs to supply over 33,000 new dwellings per annum and that’s a level [of construction] that has never before been sustained.”
All major states had experienced strong population growth, although this has slowed in Queensland and Western Australia.
Demand for housing coupled with limited supply is expected to drive property prices higher.
Mirvac expects modern, higher density dwellings with access to infrastructure and amenities to be most in demand, particularly in the south eastern states. The company secured nine new residential projects in the first half of the 2015 financial year with most of the lots in NSW.
Overall, the company’s residential portfolio is dominated by properties in Sydney and Melbourne, with more than half apartments.
“While overall vacancy rates are low across all capital cities there are pockets of oversupply which requires us to be very disciplined about which submarkets we pursue,” Lloyd-Hurwitz added.
Mirvac has walked away from residential development opportunities when the risks were too high or the rewards too low, she said.
The company reported a $279 million profit attributable to security holders for the first half of the 2015 financial year, up 13.4% compared with the previous first half. Operating profit after tax increased to $231.2 million, up 15.5% compared with the half to December 2013.
It has forecast full year earnings per security will be between 12.2 and 12.3 cents, and distributions will be 9.2 to 9.4 cents per security.
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zfielding-GvX3Uq9KTa

Mirvac expects slowing in price growth

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Residential property prices along the eastern seaboard will continue to grow for the next few years supported by strong population and employment growth, low interest rates and an undersupply in many housing sub-markets, Stockland Property Group chief executive Mark Steinert has predicted.
Stockland reported a 55.1% increase in statutory profit for the first half of 2015 compared with the prior corresponding period. The huge increase was largely due to revaluations of its commercial property assets, but underlying profit was also up by 8.5%, driven by a 73% improvement in its residential business.
“Growth [in the residential business] came not only from supportive market conditions but more particularly from launching new projects, activating our land bank and also improvements in [sales] volume, in particular in Victoria and Queensland,” Steinert said in announcing the half year result.
The company sold 22% more residential lots in the first half of 2015 than during the same period of 2014. It has entered the second half of the financial year with a record 3700 contracts on hand, up 550 compared with the previous six months.
“The Western Australian market is slowing – we’ve been talking about that for well over a year – but overall we expect, particularly on the eastern seaboard, an elongated residential cycle that will continue to show reasonable levels of growth for the next couple of years,” Steinart said,
Stockland’s residential division specialises in producing affordable low and medium density homes. More than 45% of its residential properties are sold to first home buyers.
The company plans to continue to boost profits in its residential division by developing more of its land reserves and buying additional development land adjoining or close to its successful projects to take advantage of brand awareness in the local markets.
Residential property makes up around 20% of Stockland’s business. Steinert said its other divisions had also performed well.
Underlying profit from the retail business was up 3.3%, logistics and business parks was up 5.7%, and office was up 7.8%. The retirement living business reported a 5.8% increase in operating profit.
The company tighten its guidance range from 6.5 to 7% earnings per security growth to 6.75 to 7% EPS growth for the full year. It forecast distributions would be maintained at 24c, assuming conditions remained reasonable. 
DISCLAIMER: Zoe Fielding owns shares in Stockland.
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Western Australian housing price growth slowing: Stockland results 

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The Australian economy will drop out of the G20 by 2050, according to research published by PwC.
And the slide will continue unless the nation’s leaders fundamentally change the way they think about investing in science, technology, engineering and mathematics (STEM) skills, says one of the country’s leading technology entrepreneurs, <a href="https://www.smartcompany.com.au/legal/politics/45612-why-australia-keeps-getting-it-wrong-on-employee-share-schemes" target="_blank">Matt Barrie</a>.
The <a href="https://www.pwc.com.au/consulting/assets/publications/World-in-2050-Feb15.pdf">PwC The World in 2050 report</a> predicts the Australian economy will drop 10 places in world rankings by the middle of the century, dropping from its current rank of 19 to 29.
This would put the Australian economy behind the likes of growing economies such as Bangladesh, Pakistan and the Philippines and far behind economic powerhouses China, India and the US, which are predicted to stay at the top of the rankings over the next 35 years.
According to PwC, the end of the Australian mining boom, and a lack of investment in other parts of the economy, will cause the Australian economy to fall behind.
The PwC rankings are determined by comparing the purchasing power parity of each economy and this year’s result shows a broad shift from developed economies to emerging economies.
While China is predicted to remain the largest economy by 2050, India is expected to overtake the US for second place, and Indonesia, Mexico and Nigeria could push the UK and France out of the top 10.
The Philippines, Vietnam and Malaysia are expected to shoot up the rankings, while Colombia and Poland will grow at a faster rate than the large economies of Brazil and Russia.
PwC Australia economics partner Jeremy Thorpesaid the research indicates the Australian economy will “revert to trend” and we “won’t see the mining boom in the same way”.
While Thorpe says PwC is not trying to predict exactly what the Australian economy will look like, the takeaway from the research is that “we know the economy is going to be different and STEM will be important wherever it goes”.
“The Australian economy is not going to be as large in relative terms and so our companies are not going to be competing on scale,” Thorpe says.
“They will be competing at the smarter end.”
Thorpe says this represents an opportunity for “smaller, nimble companies”, especially those built on digital disruptive technology, and that is why it is essential to make long-term investments in STEM capabilities.
“Many of these things don’t pay off immediately,” says Thorpe.
“You can’t cut the ribbon in the same way you can for a new bridge, you have to look beyond the political cycle. But as the events of the past week have shown, it can be heard to divert attention from the here and now.”
Freelancer founder Matt Barrie agrees with Thorpe’s analysis, said he fears the Australian economy will follow the same path as the resource-rich Argentina, which saw a dramatic decline in its wealth because of government policies that did not alter the composition of the economy.
Barrie has spoken out regularly about the need for investment in STEM skills in Australia, including to <a href="https://www.linkedin.com/pulse/20140627074014-921366-australia-technology-policy-points-in-letter-to-malcolm-turnbull" target="_blank">Communications Minister Malcolm Turnbull last year</a>.
“We have actually gone backwards in our thinking about the tech industry or science,” says Barrie, who lays the blame with “successive Australian governments”. 
“There have been rampant cuts. I don’t think it would be possible to do more damage.”
Barrie points to cuts to funding for science research, declining university enrolments in STEM subjects and courses, the “dumbing down” of curriculum in primary and secondary schools, as well as the “screwing up” of remuneration schemes for technology companies, as just some of what he believes are damaging policies.
“It just goes on and on and on,” he says. “We’re at risk of becoming a shipwreck … It’s death by a thousand cuts.”
If given the chance, Barrie says the first thing he would change is the K-12 curriculum taught in Australian schools.
“Every little kid wants to design the next Facebook … the next mobile phone app but they don’t know how,” he says.
“We need to help them connect the dots.”
He would also encourage more people to work in STEM fields and appoint a national chief technology officer who would be responsible for setting longer-term goals.
But as long as the topic remains off the table in Canberra, Barrie says he “is at a loss”.
“There is fundamentally something wrong in the way our country is governed,” he says.
This artiocle first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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ekeating-PWvazjYE25

PwC forecasts what Australia’s economy will look like in 2050

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Frasers Centrepoint achieved a 55% surge in first-quarter profit from the corresponding period, after a boost from new contributions following the acquisition of Australand in Australia.
FCL reported the increase came primarily from contribution from Australand Property Group, which was acquired in August 2014.
Australand’s residential business received a boost from a significant level of completions at the Clemton Park and Discovery Point residential projects. 
For the three months ending 31 December, net profit totalled S$186.9 million (A$177.58 million), up from S$120.8 million (A$114.77 million) in the same period earlier, as revenue nearly doubled to S$1.07 billion (A$1.02 billion) from S$552.1 million (A$524.55 million), Frasers Centrepoint said.
<div>The listing of Frasers Hospitality Trust in July last year resulted in new income streams from the six hotels acquired by the trust from Thailand’s TCC Group, it said.</div>
Frasers Australand, comprising Australand that was acquired last August and Frasers Property Australia, almost doubled its year on year profit before interest and tax to S$127 million (A$120.66 million), mainly as a result of a significant level of completions at the Clemton Park and Discovery Point residential projects.
“This first quarter of FY14/15 marks the maiden full-quarter contribution from Australand, which has not only enlarged our income base but also enhanced the sustainability of our earnings through an increase in recurring income,” Frasers Centrepoint chief executive Lim Ee Seng said.
The Australian residential market continued to be strong, providing a positive environment for Frasers Australand’s planned release of around 1,500 dwellings over the remainder of the fiscal year.
Lim Ee Seng said it was important to continue to focus on the smooth integration of Australand into the group. 
Bob Johnston heads the combined Frasers Property Australia and Australand Property Group operations.
The report noted completion and settlement of over 750 apartments in 1Q FY14/15, including at two major residential projects – Clemton Park and Discovery Point
Released 658 land lots and apartments across five projects for sale in 1Q F14/15.
Frasers Australand, comprising Australand and Frasers Property Australia (“FPA”), recorded 156% and 99% year on year increases in revenue and PBIT to S$692 million (A$657.47 million) and S$127 million (A$120.66 million), respectively, in 1Q FY14/15.
Of these, Australand contributed S$568 million (A$539.66 million) in revenue and S$108 million (A$102.61 million) in PBIT mainly as a result of a significant level of completions at the Clemton Park and Discovery Point residential projects during the reporting quarter.
Gains from Australand were partially offset by lower contributions from FPA as sales at the One Central Park and Parklane projects in Sydney, which were completed in 2014, tapered off.
FPA’s lower revenue and PBIT in 1Q FY14/15 was also due to the absence of a one-off gain from the sale of an undeveloped site in the previous corresponding quarter. 
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Frasers Australand provides strong profit for Frasers Centrepoint

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GUEST OBSERVATION
Prime Minister Tony Abbott <a href="https://www.pm.gov.au/media/2015-02-11/government-tightens-rules-foreign-purchases-agricultural-land" target="_blank">has announced</a> long-promised changes to the rules for foreign land purchases and ownership in Australia.
There are two key changes. First, the Foreign Investment Review Board (FIRB) threshold will be reduced from A$252 million to A$15 million and be applied to cumulative purchases. Second, the Australian Taxation Office (ATO) will be tasked with creating a “stocktake” of foreign-owned agricultural land, which may lead to a national register.
Media reports of last week’s announcement have largely focused on the merits of lowering the FIRB’s screening threshold. But the foreign-owned land stocktake and register should be equally scrutinised.
Spearheaded by high-profile land (and water) sales to non-Australians, such as <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2012-10-12/sale-of-cubbie-station-confirmed/4310256" target="_blank">Cubbie Station</a>, the issue of foreign investment in agriculture has generated much discussion in recent years. Central to this sensitive issue is that no one knows exactly how much agricultural land foreign companies and governments own. And while there is uncertainty, the public debate seems locked to a dualism between “we are selling the family farm” and “overseas capital can only benefit agriculture”.
<a href="https://theconversation.com/lost-in-the-paddock-australia-flying-blind-on-farm-ownership-23836" target="_blank">Last year,</a> my colleague and I called for better national data sets that clearly document who owns agricultural land and at what rate it is changing hands. A land register documenting foreign ownership of agricultural land would likely address this data deficiency, but only partially.
Details of what the ATO will produce are yet to be delivered. But, it seems the ATO will start to record new foreign land purchases from 1 July 2015 (irrespective of value). This may then be matched with the development of a national foreign-owned land register that draws on the land titles registers kept by state and territory governments.
It’s not just about land
So far, media reports indicate the register will be focused on land. But what about investment in agricultural businesses separate from direct investment in land? In the most recent <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/32E9BB779DABA3C1CA257905001453BC?opendocument" target="_blank">Agricultural Land and Water Ownership survey</a>, the Australian Bureau of Statistics reported that almost 90% of farmland was fully Australian owned and just under 99% of farm businesses were fully Australian owned.
Although that survey was <a href="https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22committees%2Fcommsen%2Ff49f61d7-23de-4f6f-b807-735c752ebcfa%2F0002%22" target="_blank">widely criticised</a>, the distinction remains important if efforts to document foreign land ownership are to prove as useful as possible. This is because although land ownership and the ownership of farm operations may or may not align, each is shaped by the other.
So, a register of foreign-owned land addresses only part of the huge data deficiencies related to foreign investment in the Australian farming sector. Despite the difficulties of untangling business structures, the ATO is perhaps best placed to align data collection and reporting on foreign ownership of both agricultural businesses and land.
What about water?
Australia’s water market and the legal separation of land and water titles further complicate the issue. It’s unclear whether a comparable register for foreign water ownership will be part of the ATO’s mandate.
Questions about who owns water access rights and at what rate they are changing hands are equally – or perhaps more – significant. This is especially in light of the Australian Bureau of Statistics’ results that showed agricultural water entitlements with some degree of foreign ownership increased by <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/32E9BB779DABA3C1CA257905001453BC?opendocument" target="_blank">55% between 2010 and 2013</a>. In contrast, Australian land with some degree of foreign ownership remained largely unchanged.
Like land, the state and territory governments manage their water registers, so similar integration between the state/territory systems and any national register would be required.
It’s time to broaden the debate
The debate about foreign ownership of agricultural land and the means used to document it need to be broadened.
Whether it’s ownership of land, water or agricultural businesses, non-Australian sources of capital are only part of the picture. The foreign ownership debate needs to evolve to – or be merged with – a broader debate about the future of the agricultural sector.
Too often the future of agriculture is reduced to a binary logic of <a href="https://theconversation.com/who-will-be-the-next-round-of-investors-in-australian-farming-23773" target="_blank">family farmers and corporate farms</a>. However, the reality is there are many different ways to organise agricultural business and production.
Foreign investment is only one of the drivers of change. Australian institutional investment or private equity partnerships and their relationships with land and water ownership are also shaping the agricultural sector and rural communities. How these alternative business models may be changing will slip through the gaps of any land register focused exclusively on foreign ownership.
More data will not resolve the issue of foreign ownership. It also won’t magically set the future direction of agriculture. But, good data sets that capture the full spectrum of agricultural business and asset ownership models can better inform these debates.
If the ATO stocktake of foreign-owned land becomes a formal register, the prime minister’s announcement is a positive step. But it doesn’t go far enough. It’s time to move beyond the foreign- versus Australian-owned dichotomy. Expanding a national foreign-owned land register to include other agricultural assets and ownership changes among domestic investors will enable more informed discussion on what Australians really value about economic development, land and water resources and food production.
<img src="https://counter.theconversation.edu.au/content/37517/count.gif" alt="The Conversation" width="1" height="1">Erin Smith is post-doctoral research fellow at University of the Sunshine Coast.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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