The time between submitting an application and putting a shovel in the ground should be three to six months, not the three to six years it can take, NAB’s chief executive says.
Long delays in approving new housing applications are the biggest cause of Australia’s affordability crisis, the head of one of Australia’s big four banks says, warning that the combination of sluggish construction starts and rising migration is a recipe for more homelessness.
Housing starts in Australia slumped 23 per cent last financial year to 57,830 – the lowest since 2013 – according to Housing Industry Association data. Meanwhile, Australia’s population grew by 2.17 per cent to 563,200 people in the year to March, Australian Bureau of Statistics data reveals.“We’ve brought in over 500,000 people in the last 12 months.
“To deliver below-market rent – whether it’s key workers at 80 per cent of the market or social rent at 25 per cent of welfare payments – there needs to be a subsidy otherwise the financing won’t stack and the housing won’t be built, even if we have speedier planning approvals,” Warner said. Salvation Army Housing chief executive Chris Karagiannis said the charity was looking for ways to fill the shortfall in available government funding.suggesting almost 120,000 dwellings have been approved and are ready to be built, but are being held up by developers and builders cancelling and shelving projects due to soaring building costs, rising interest rates and uncertainty linked to labour shortages.
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