An update for the real estate industry from the REIA President

Today I have had a telephone conversation with the Federal Housing Minister, Michael Sukkar.

An assistance package relating to the real estate industry is being finalised today and will be announced
by the Prime Minister tomorrow. This package will be largely related to our tenants in order for them to
be able to continue to pay their rent should they become unemployed. This is particularly the case for
low income earners and those that are likely to be subject to loss of employment in the coming weeks.
The assistance will be as large as it can be in order to tide people over until the current crisis has passed
and while the package will be reasonable in size it obviously won’t be able to help every person.
I impressed upon the Minister the importance of keeping rent payments flowing so that estate agents
can continue to trade and in so doing our property owners will continue to receive their rent and meet
their mortgage repayment commitments.

No forced evictions measures may be announced. I conveyed to the Minister that we are very mindful of
the need for all Australians to have a roof over their heads at this time. I reminded him that in Australia
we have 3,000,000 rental properties and the vast majority of those properties are managed by our
members.

The long term timing being worked towards is three to four months as an initial crisis phase and the
government is aiming for the industry to come out of this crisis as unscathed as possible.
I conveyed to the Minister that we stand ready to provide leadership at this time and that we will be
very supportive of him and the government. He was very appreciative and will convey this to the Prime
Minister today.

I have also offered the Minister the ability to convey whatever messages they might wish to
provide at very short notice to the industry including to our tenants and property owners. This offer was
also very much appreciated.

The Minister and I will have a further telephone conversation tomorrow after the package has been
announced. He will be looking for further guidance from REIA as to whether we feel that the package is
likely to go far enough or whether there are further measures that should be implemented.

Adrian Kelly
President REIA