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Legislative Council - Fifty-Fourth Parliament, First Session (54-1)
2019-09-24 Daily Xml
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Land Tax

The Hon. C. BONAROS (14:41): Can the Leader of the Opposition explain, for the purposes of a property developer who was present last night who said that 36 New South Wales investors, 12 investors from China, two investors from India and one investor from Europe had all pulled out of the South Australian market investments since the announcement made by the government, and for our purposes, why it is that they would pull out if they did not have anything to fear?

The PRESIDENT: I think that was directed towards you, Treasurer.

The Hon. R.I. LUCAS (Treasurer) (14:41): Mr President, I thought the question was being directed to the Leader of the Opposition. I think the Hansard record will show that. I am not aware of the detail of those particular claims. All sorts of claims have been made, but the honourable member should be referred again, as I said, to the articles in the Financial Review last week and in the property market sections of The Advertiser, which I have just quoted—and I will not quote them again—where people with real money in the Eastern States who are quite happy to be quoted publicly have indicated that the South Australian property market—this is post the budget—is a very prospective place and they are looking to invest large sums of money in South Australia.

These are people who have identified themselves publicly, put their names to the particular position. This was Colliers, a very reputable property market advisory firm, Quintessential Equity, again who identified themselves, and there are any number of other property investors as well. In relation to the mum-and-dad investors, when one is looking at individuals, when 92 per cent of individuals will be paying less land tax, then that has to be an encouragement for further investment in the property market in South Australia. If you are actually paying less land tax, that is certainly an incentive in relation to further investment in the property market in South Australia.

The PRESIDENT: The Hon. Mr Pangallo, a supplementary?

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