The Albanese government’s ambitious commitment to deliver 1.2 million new homes has been dealt a major blow, with the latest ABS data showing dwelling approvals are at their lowest level in more than a decade.
Albanese government's commitment to build 1.2 million new homes suffers major blow with latest figures 'well short' of the ambitious target
ABS head of construction statistics Daniel Rossie said this represented the “lowest number of dwellings approved on a financial year basis since 2011/12”. “The newly minted Housing Minister - who is responsible for the record levels of migration - clearly hasn’t read her incoming brief when yesterday she claimed Labor is still on track to meet its 1.2 million homes promise,” Mr Sukkar said in a statement
“The performance over the last year is a far cry from the 240,000 new homes that the Australian Government wants to see built in each of the next five years,” HIA senior economist Tom Devitt said. Master Builders Australia CEO Denita Wawn said the latest building approval figures were “on par” with what they had forecast, and “well short” of the target the government had set.
“It's about a lot of things. It's about inflation being high. Building costs are nearly 40 per cent more than what they were pre-COVID. And when you combine that with interest rate instability, people are just not willing to invest,” she said.
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