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Property industry backs repeal of EEO Scheme

16 May, 2014

The Property Council of Australia has voiced strong support for the Energy Efficiency Opportunities (Repeal) Bill, introduced to Parliament on Thursday (May 15).

The bill repeals the failed Energy Efficiency Opportunities Scheme, which imposes costly and needless reporting requirements on energy users.

The EEO Scheme duplicates existing business practice in the property industry – one of the economy's top performers in reducing energy use.

Property Council Chief Executive, Peter Verwer, has commended the move and called for parliamentary support.

"Layering duplicative reporting requirements on the property industry through EEO was a mistake from the start," Verwer said.

"Repealing the scheme will provide a welcome reduction in red tape for the highly regulated property sector.

"This move illustrates how the red tape reduction agenda can provide positive social and economic benefits – with savings exceeding $17 million per annum.

"Abolishing unnecessary regulation of property companies promises to stimulate flow on benefits to the cost of housing and other property assets.

"We're urging all sides of politics to acknowledge that the well-intentioned EEO Scheme has failed the test of sensible regulation and support the repeal legislation.

"The repeal of EEO means the money currently chewed up in needless green tape compliance can be re-directed to effective energy efficiency and emissions reduction programs," Verwer concluded.