The Colliers Research team has prepared a summary of the 2023-24 State Budget announcement with an overview on how the Budget affects key components of the property sector, including Office, Industrial, Retail, Healthcare and Residential.
- Office: Measures relating to energy efficiency and decarbonisation as well as tax concessions supporting sustainable buildings, have been addressed in the State Budget which will benefit the office market seeing landlords respond to occupier demand for spaces with ESG features.
- Industrial: The WA State Budget outlines further funds to expand the export market and supports the development of the industrial sector as identified in the Diversify WA economic framework.
- Retail: As inflationary pressures continue to affect households and businesses, the 2023-24 Budget includes more than $715 million of cost-of-living measures to support Western Australians.
- Healthcare: Significant investment has been allocated to the health and mental health system with an additional $2.7 billion allocated in this year’s budget.
- Residential: The Budget focuses on the residential sector highlighting various initiatives to address housing supply, housing choice, social and affordable housing alongside the building and construction industry.