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APRA taps the brakes
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“Australia has an unquestionably strong financial sector. It has withstood significant shocks, such as the Global Financial Crisis and the COVID recession, without the emergence of financial contagion.
“The share of loans that are impaired is exceptionally low, at around 0.4 per cent of all loans issued. This is significantly lower than in other developed economies.
“The very low levels of mortgage delinquency in Australia reflect the restrictive lending regulations imposed by financial regulators in Australia. Since 2010, financial regulations have made it increasingly conservative making it progressively more difficult for first home buyers to enter the market.
“Despite the lows levels of mortgage delinquency, APRA announced this morning that it has increased the ‘serviceability buffer’ for a new mortgage from 2.5 per cent to 3 per cent.
“First home buyers accounted for 35 per cent of owner occupier loans issued in August 2021 and these measures will make it harder to access a loan.
“This additional constraint is being imposed despite the share of loans with a 10 per cent deposit or less declining since December 2020. This share is well below those observed over the past decade.
“First home buyers are the group who are typically constrained by serviceability thresholds. It is this group that will be hit the hardest by these changes.
“Restricting access to credit for new households seeking to enter the housing market will put further downward pressure on the rate of home ownership in Australia,” concluded Mr Reardon.
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Preventing Pipe Failure Starts Below Ground
The HIA has been advised that due to an increase of plumbing audit inspection failures, from the 1st of September, the Office of the Technical Regulator (OTR) will be further policing non-compliance in the installation of sanitary plumbing and drainage pipework, namely the bedding of sanitary drainage pipes.
Senate Inquiry must focus on delivering more housing, not more reports
The Housing Industry Association (HIA) has welcomed the establishment of the Senate Economics References Committee Inquiry into social housing, describing it as an important opportunity to identify the reforms needed to deliver more housing of all forms at scale and address the bottlenecks holding back housing supply broadly.
New home sales decline for the third consecutive month
“Sales of new homes declined for a third consecutive month in July, falling by 3.7 per cent as higher interest rates and policy uncertainty continued to weigh on consumer confidence,” stated HIA Senior Economist, Tom Devitt.
National Skills Week: Showcasing diverse education pathways
HIA is proudly supporting National Skills Week this year by highlighting the construction industry’s many and diverse career opportunities.