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“Lending for new homes is down by 62.4 per cent since its peak in January 2021, to its lowest level since November 2012,” added Mr Reardon.
“Sales of new homes have stalled in recent months as market confidence declines.
“This poor data is as a consequence of the fastest increase in the cash rate in a generation. Despite this, the impact of last year’s rate increases won’t be fully apparent until late this year.
“The decision by the RBA to increase rates further in 2023, will further erode market confidence and accelerate the downturn that is already evident.
“There are significant lags between a change in the cash rate and its impact on the economy. In this cycle, it will take up to 18 months before the impact of the May 2022 rate increase fully flows through to employment in the sector.
“The supply chain disruptions of the pandemic are easing. Inflation in other economies is slowing and interest rates are not the only tool at governments’ disposal to address the inflationary problem,” concluded Mr Reardon.
“The Housing Industry Association (HIA) is backing calls for a dedicated energy security and supply plan to support Australia’s building product manufacturing sector, acknowledging their critical importance to our economy and providing the essential products for our homes,” HIA Chief Executive – Industry and Policy, Simon Croft, said today.
“The Housing Industry Association (HIA) welcomes the announcement of over 4,600 new homes approved for construction under the national environmental laws, since August this year,” said HIA Chief Executive, Industry and Policy, Simon Croft.
October marks the beginning of National Safe Work Month – a time for us all to pause, reflect, and reinforce our commitment to creating a safe and healthy workplace for everyone,” said HIA Hunter Executive Director Craig Jennion.
The Victorian government has introduced changes to OHS regulations that expressly requires employers to identify psychosocial hazards and how they intend to manage the risks to health and safety.