The property sector now contributes more to Australian gross domestic product than mining, home ownership and financial services, new research commissioned by the Property Council of Australia shows.
In a short statement on the group's website, Property Council of Australia chief executive Ken Morrison said the industry now had the "the largest economic footprint in Australia".
The property sector is estimated to generate 11.5 per cent of GDP, employ 1.1 million Australians and pay $72.1 billion in state, federal and local real estate taxes each year.
"If we can unlock the potential to increase property's contribution even further, that will mean more jobs and more prosperity for Australians," Property Council chief executive Ken Morrison said, according to The Australian Financial Review.
"Governments can help make this happen by abolishing our most distorting taxes – like stamp duty – and streamlining planning processes to make housing more affordable for all Australians."