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{{propApi.successMessage}} {{region}} Change locationBuilders to remain busy into 2023 - May update
Builders to remain busy into 2023 - May update
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The Australian Bureau of Statistics today released data on building approvals and on lending to households and businesses for May 2022.
“Detached house approvals increased by 1.8 per cent in the three months to May 2022 to be 14.7 per cent higher than the same three months in 2019,” added Mr Ward.
“Renovations activity also remains elevated. While the value of renovations approved fell by 1.8 per cent in the three months to May 2022, it is 38.9 per cent higher than the same three months in 2019.”
“At the end of 2021, there were 75.7 per cent more detached homes under construction than at the end of 2019.”
“Activity in 2022 shows the rate of new home building and renovation activity remains strong which will assist in delaying the adverse impact of rising interest rates on building activity, and therefore on the wider economy.
“Encouragingly, investor activity continues to grow. The value of loans to investors in the three months to May 2022 was 36.2 per cent higher than the same three months in 2021. This points to more supply of rental homes in the future, which will help alleviate the severe rental shortage being experienced around Australia,” concluded Mr Ward.
Building approvals - Australia (May 2022)
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Consultation open on modernising the NCC & cutting red tape
Following extensive HIA advocacy on the impact changes to the National Construction Code (NCC) is having on construction productivity and business red tape, the Australian Building Codes Board (ABCB) has released a discussion paper seeking industry views on opportunities for modernising and reforming the NCC.
Queensland's changes to foreign investor tax settings are relief from worst own goal housing policy
“Reforms to Queensland’s restrictions on new home building will see more new homes commencing construction, adding revenue to the state and Australian governments, and assisting the task of increasing housing stock,” said Tim Reardon, HIA Chief Economist.
Workers compensation relief for business
The NSW Government has delivered an early Christmas present for business, freezing average workers compensation premiums for 18 months that were projected to increase by at least 36 per cent over the next three years, to fund an unsustainable workers compensation system.
Regulatory reforms critical to encourage MMC
HIA welcomes a commitment from the Victorian government to support the uptake of MMC and measures to boost construction productivity.