Incoming Prime Minister Malcolm Turnbull has the support of the Property Council of Australia.

PCA chief executive Ken Morrison said: “The incoming Prime Minister has said economic leadership is central to the needs of the nation, and the Property Council wholeheartedly agrees.

“The property industry underpins the strength of Australia’s economy as the biggest contributor to GDP and the nation’s second-largest direct employer.”

Morrison called on Turnbull to continue with the “long-overdue” process of tax reform, which he said was vital to Australian living standards.