The Federal parliament in Australia has introduced legislation to modernise the Managed Investment Trusts (MIT) framework, which is set to boost the country's ranking in global real estate investment.
Welcoming the reforms, the Property Council of Australia has said that these improvements are a key factor for Australia maintaining its position as a strong competitor in the market.
International and capital markets executive director Andrew Mihno commented that: "Managed investment trusts are a vitally important part of Australia's economy and a key factor in achieving strong economic growth into the future."
Mr Mihno believes that with the changes in legislation alongside the new MIT framework, Australia has the chance to become a "world-leading investment destination".
Generally, global real estate capital is moving on a strong upwards spiral and now, thanks to the MIT framework, Australia can capitalise on opportunities from this surge.
Mr Mihno continued on to say that the reforms to the MIT infrastructure "meet all the objectives industry put forward by increasing certainty and flexibility while also streamlining compliance to reduce unnecessary costs".
In a further statement he said that the legislation has been a long time in the making and in some regard is actually overdue to help the progression of Australia's global property investment standing.
The "package" as Mr Mihno calls it, was originally set for creation by the Labour government but was finished by the coalition. Both governments have agreed however that the legislation is set to see the nation benefit from "concrete economic gains".
It was Mr Mihno who said that "government deserves full marks for its exemplary consultation with industry throughout this process".
As a result of the MIT coming together and with legislation going forward, 14 million Australians are going to benefit on property stakes through their retirement.