The property sector now contributes more to Australian gross domestic product than mining and financial services, according to research from by the Property Council of Australia shows. Property Council of Australia chief executive Ken Morrison said the industry now had the “the largest economic footprint in Australia” (although the council is noted for adapting figures to suit its vested-interest arguments).

The property sector is estimated to generate 11.5% of GDP, employ 1.1 million people and pay $72.1 billion in state, federal and local 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,” Morrison told Fairfax Media.