Tony De Domenico, Executive Director of UDIA Victoria said, "A further cut in interest rates and the end of the Federal Election cycle could assist in a lift of consumer confidence and help stimulate the housing market.

"It is vital for all levels of Government to recognise the importance of the job creation role in the development industry and it should be given the same profile as the mining and the car industries in relation to jobs and economic development."

The Victorian development industry directly employs around 310,000 full time employees, contributes around 12 per cent of the state's gross domestic product and $4.6 billion in taxes to all tiers of government.

Mr. De Domenico said the expansion of the new house and land market, the apartment and urban renewal projects in Victoria in the next three to five years will be a major key to Victoria's economic recovery and employment because of the multiplier effect generated by the land development, apartment and home building industry. This industry plays a major role in building a better Victoria by creating economic activity for thousands of small businesses across Victoria in metropolitan, regional and country areas.

"The development industry also underpins business for the range of professional skills in engineering, town planning, environmental sustainability and water management, landscape design, banking and sales and marketing."

Mr. De Domenico said the economic importance of the development industry has also been recognised in planning reform in Victoria by streamlining expensive delays and red tape to improve the efficiency within the industry and local government by providing both with more certainty.

Media Enquiries:
Ron Smith, Corporate Media Communications, UDIA (VIC) - Mobile: 0417 329 201