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HIA released its economic and industry Outlook report today. The report includes updated forecasts for new home building and renovations activity nationally and for each of the eight states and territories.
“There has been a rapid slowdown in the volume of new building projects entering the pipeline, especially new apartments, over the past year,” added Mr Reardon.
“The sharp increase in the cash rate has compounded the barriers created by extraordinary restrictions on lending and investing, increased construction costs and regulatory costs.
“The rise in the cash rate is the key reason for the slowdown in the number of new homes commencing construction. There are long lags in this cycle and the full impact of the increases to date will not be apparent, until late 2024.
“Leading indicators of home building activity have fallen to exceptionally low levels. New home sales are almost 50 per cent lower than a year ago. Lending for the purchase or construction of a new home has fallen to its lowest level since 2008.
“The slowdown in the commencement of new homes is counter to the goal of increasing supply and delivering one million homes over the next five years.
“Beyond the rise in the cash rate, the supply of new homes is also constrained by a range of regulatory and cyclical challenges. The Government’s Housing Australia’s Future Fund isn’t a solution to all of these problems, but it is a necessary step toward improving the supply of new homes.
“Removing barriers to investment, reforming local council planning processes and stable economic settings are also necessary steps,” concluded Mr Reardon.
The Northern Territory Government has recently introduced changes to payroll tax which will commence on 1 July 2025.These changes will impact the way payroll tax is calculated and will provide benefits to eligible employers, particularly small-to-medium sized businesses.
The Housing Industry Association has today welcomed the Coalition’s announcement that, if elected, it will direct the financial regulator to revise lending rules that are locking Australians—particularly first home buyers—out of the housing market.
“Today’s announcement by the NSW Government to publish the State Agency League Table is welcomed by the Housing Industry Association.
HIA took the opportunity to provide a submission to Safe Work Australia in response to the consultation on the review of the ban of engineered stone in Australia implemented by the Model WHS Amendment (Engineered Stone) Regulation 2024.