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“Today’s decision marks the 12th rate increase since the RBA began this cycle in May 2022 and the impact of these early rate increases are only just emerging in official data.
“This downturn in leading indicators includes:
“There was a large pool of work yet to commence construction in May 2022 which has obscured the adverse impact of rate rises to date. The lags in this cycle are significantly longer than previous cycles.
“The impact of rate increases to date are starting to emerge in official housing data, but it will take a further 12 months for this slowdown to be apparent in work on the ground, and the wider economy.
“This will see the number of homes commencing construction slow, as population growth accelerates.
“In addition to the increase in rates, home building is also set to decline as regulatory costs continue to add to the cost of new home construction. If governments continue to make building new homes more expensive, fewer new homes will be built.
“The RBA’s recognition that the housing issue is due to a failure to build enough homes is a welcome move, but it remains to be seen how this would influence future cash rate decisions.
“It also highlights that interest rates are a very blunt and ineffective tool in managing inflation and the wider economy. Fiscal policy is a far more effective and precise tool,” concluded Mr Reardon.
On the back of a busy few weeks in federal Parliament focused on housing legislation and future housing policies, HIA has worked hard to highlight the need to increase housing supply and remove the barriers to home ownership.
Three Hunter based builders once again were in the top 100 of Australia’s largest residential builders,” stated HIA Hunter Executive Director, Craig Jennion.
SafeWork NSW inspectors are out and about checking scaffolding safety as part of their Scaff Safe 2024 program that runs till December.
HIA welcomes the CLP Government’s announcement introducing the HomeGrown Territory Grant of $50,000 for first home buyers to put towards building a new home.