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The Australian Bureau of Statistics (ABS) released its Producer Price Indexes for the September Quarter 2023, for a range of industries, including mining, manufacturing, construction and services industries.
“The ABS Producer Price Index for house construction inputs saw a 0.0 per cent change in the September 2023 quarter compared to the previous quarter,” added Mr Devitt.
“This sees the cost of house building materials just 4.4 per cent higher over the year, compared to a 17.3 per cent annual increase in 2021/22.
“The slowing in cost of house building inputs reflects a significant easing in the materials constraints that plagued the industry during the pandemic.
“Some of the worst affected products during the pandemic are now seeing outright declines in price.
“Last year, structural timber and reinforcing steel prices were both up by more than 60 per cent on pre-pandemic levels. In the last year, they have declined by 8.8 per cent and 5.3 per cent respectively. Steel beams and sections, which were up by more than 50 per cent a year ago, subsequently declined by 17.2 per cent.
“Most of Australia’s pandemic inflationary pressures came from building materials and fuel.
“As these pressures ease, it will provide more certainty of future house building costs, as well as hasten the need for a cut to interest rates,” concluded Mr Devitt.
The final weeks of Federal Parliament have shone a spotlight on the Governments workplace relations reforms. Unions, politicians, and industry groups are all debating the merits of these reforms making it difficult to determine what it all means for you and your business.
“In the face of an acute shortage of housing stock, the rise in the cash rate has seen the volume of work entering the pipeline contracting for more than two years,” stated Tim Reardon, HIA Chief Economist
HIA is aware that members and their clients may have concerns about using engineered stone in their current or future project. HIA sets out some FAQs regarding the use of engineered stone, recent reports of safety concerns and a potential ban on the use of the product.
Yesterday the ACT Government introduced the Property Developers Bill 2023 in the ACT Legislative Assembly.