Property giants and industry lobbyists are calling for the mandatory code of conduct between tenants and landlords to be scrapped as property owner losses begin to mount.

Listed property giant GPT booked a $519 million loss and revealed 64% of its retail tenants did not pay rent in the June quarter. GPT CEO Bob Johnston says mandatory rental reductions and eviction bans for pandemic damaged businesses should not be renewed, leaving the outcome to fate and market forces.

Australian Chamber of Commerce and Industry CEO James Pearson says a move would be premature.

“This has made the difference between businesses falling over and businesses holding on,” Mr Pearson told Brooke Corte.

“The code should be extended for the time that JobKeeper has been extended,”

Click play to hear the full interview: