About Stockland

Government relations

As regulations have a substantial impact on our business, we proactively engage with government and regulatory authorities.

In July 2008 our Board implemented a zero political donations policy. We do not make donations to political parties or politicians at any level of government. In adopting this policy we seek to remove any basis for doubt that any government approvals we obtain are based strictly and solely on the merits of our projects.

We actively monitor legislative and regulatory change directly through our businesses and the Corporate Affairs team, as well as via key industry bodies. The Property Council of Australia (PCA), Green Building Council of Australia (GBCA) and Shopping Centre Council of Australia are our primary representative bodies at both federal and state levels. During 2008 we substantially increased the frequency of our direct political engagement on important public policy issues.

The most significant legislation affecting our business this year was the Australian Government's First Home Owners' Boost (FHOB). The FHOB was part of the suite of stimulatory measures introduced in late 2008 to protect jobs and buttress economic activity. The benefit to our business was substantial. The proportion of first home buyers increased from 25 per cent of our customer base to 65 per cent during the early part of 2009. We recognised, however, that this measure is best suited to distressed economic conditions and accordingly we supported the tapered extension of the boost to December 2009. In so doing, we aligned closely with our industry bodies, peers and suppliers.

We made many submissions to government over the past year on matters such as planning, taxation and environmental regulation.

Our regulators recognise the important role that our sector can play in reducing Australia's greenhouse gas emissions through improving energy efficiency of buildings. In addition, the Federal Government has continued to design an emissions trading system, referred to as the Carbon Pollution Reduction Scheme, supported by rigorous national carbon data. As a consequence, our sector has encountered increasing regulatory requirements.

Areas of strengthening regulation include:

• Emissions and energy efficiency disclosure,
• Adaptation to physical impacts of climate change,
• Increasingly stringent building code requirements.

In general, regulation related to sustainability performance has become increasingly complex with different layers of government seeking to take action. Through the PCA and GBCA we have advocated the harmonising of reporting and regulatory requirements. Details on these regulations can be found on the regulation page in the Climate Change and Energy section of this report.