COVID-19 Economic Support Package Welcomed By The Property Sector

“We applaud the Government for moving swiftly to develop the $12.1 billion COVID-19 economic support package,” says Leonie Freeman, chief executive of Property Council New Zealand.

“Our members are very pleased to see depreciation deductions for commercial and industrial buildings reinstated, a policy change that we have called for since depreciation was first removed in 2010.

“Yesterday’s announcement was a great start, but New Zealand will need further financial support to deal with the crisis period, to foster a strong recovery and to help our economy grow.

“With every crisis comes opportunity, and the property industry has a big role to play in lifting the country out of recession during these uncertain times.

“As an industry we must take this opportunity to work with the Government to develop policies that allow us to create cities where communities can thrive. If we work together, we could re-set years of poor planning and under-investment, emerging to be better placed to face the future.”

Freeman says the Council will be working with the Government over the coming months to ensure that the voice of the property industry is considered as any further support packages to the business sector are developed.

“With the Government battling to deal with both a health crisis and an associated economic one, our advocacy work is critical at this time.

“We have issued an open door to policy makers and will be providing regular feedback on the changing market conditions.

“While now is not the time for complacency, every cloud truly does have a silver lining and we have the opportunity to reframe this crisis as an opportunity in disguise,” says Freeman.

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