For decades, the Australian economy rode high on the back of what is known as the mining boom, which helped to raise living standards and incomes all across Australia – and particularly right here in Western Australia.
However, it's no secret this boom has been winding down recently, with IBISWorld reporting that revenues in the industry fell 10 per cent in 2014-15. In light of this, many have been wondering what will take its place as the engine of the Australian economy.
According to the Property Council of Australia, it is the property industry that is, and will continue being, Australia's key economic driver going forward. That means when you purchase real estate in Bunbury, you're not only putting a roof over your head, you're also making a contribution to our economy.
Property Council chief executive Ken Morrison said that the property industry's key role in Australia's economic fortunes makes reform of constrictive policies and regulations even more essential.
"The property industry, both residential and commercial, has underpinned economic growth but there is absolutely no room for complacency," he said.
"Long overdue reforms, such as the removal of our worst taxes like stamp duty, must be implemented to allow the property industry to deliver the economic gains the nation needs."
According to the Property Council, the real estate sector is currently Australia's largest industry, providing jobs for 1.1million people – or 4.6 per cent of the population – and contributing a greater share to GDP than any other industry. Its strength and the strength of the Australian economy are therefore intimately connected.
Perhaps this will mean policy reforms aimed at making it easier to buy real estate in Australind, Eaton and around the country – such as the dissolution of stamp duty – will be more of a possibility. Only time will tell.