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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.
“Of the estimated 34,000 apprentices who will commence a construction trade apprenticeship this year, we expect fewer than 20,000 will make it through to complete their qualification. This must improve,” stated Geordan Murray, Executive Director - Future Workforce.
The Victorian Government has extended its stamp duty concession for off-the-plan properties, providing continued financial relief for homebuyers. This initiative aims to support the housing market and make home ownership more accessible.
HIA provided a submission to the National Policy Competition analysis 2025.
As West Australia’s residential building industry continues to grow and evolve, it’s important we take a step back and look at something we often overlook - our mental health.