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{{propApi.successMessage}} {{region}} Change locationNo justification for a rate rise
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The ABS released the Lending to Households and Businesses data for August 2023 today, which provides statistics on housing finance commitments. It also released its monthly building approvals data for the same month for detached houses and multi-units covering all states and territories.
“Housing and finance data continues to be weighed down by the interest rate increases that the RBA commenced more than a year earlier,” added Mr Devitt.
“In the three months to August 2023 lending for the purchase or construction of a new homes was 30.3 per cent lower than at the same quarter a year earlier.
“Despite a small rise in building approvals in the month of August, building approvals remain 17.5 per cent lower in the latest three months compared to a year earlier. This includes a 15.8 per cent decline in detached houses and a 20.3 per cent decline in multi-units.
“This decline in building activity is in contrast to the low level of unemployment and strong population growth.
“The impact of the RBA’s tightening cycle is not expected to produce a trough in new house commencements until the second half of 2024.
“Any further increases in interest rates will deepen and prolong this trough,” concluded Mr Devitt.
In original terms, the total number of loans for the purchase of construction of new homes in the three months to August 2023 declined in all jurisdictions compared to the same quarterly period a year earlier, led by the Australian Capital Territory (-76.5 per cent) and the Northern Territory (-70.1 per cent), and followed by South Australia (-36.0 per cent), New South Wales (-32.0 per cent), Victoria (-29.1 per cent), Queensland (-28.5 per cent), Tasmania (-27.3 per cent) and Western Australia (-18.9 per cent).
In seasonally adjusted terms, building approvals in the three months to August 2023, compared to the same quarterly period a year earlier, declined in New South Wales (-25.7 per cent), followed by Tasmania (-25.5 per cent), Western Australia (-24.5 per cent), Queensland (-19.8 per cent), South Australia (-9.6 per cent) and Victoria (-8.0 per cent). In original terms, the Northern Territory also declined (-54.1 per cent), while the Australian Capital Territory saw the only increase (+0.3 per cent).
Lending for purchase and construction of a new home
Minimum tax on discretionary trusts
The Housing Industry Association (HIA) opposes the proposed minimum tax on discretionary trusts and the associated Excluded Election Trust (EET) regime.
Member information: Fuel Surcharges and the Road Transport Order
In April 2026 an order requiring primary and secondary parties in road transport contractual chains to review and adjust transport rates fortnightly to recover increased fuel costs was handed down by the FWC. This requirement switched off automatically in the week ending 5 June 2026, when the weekly average national terminal gate diesel price fell below $2.00 per litre but did not revoke the order. HIA breaks down what this means for your business.
Superannuation Legislation Amendment (Fair Super for Young Workers) Bill 2026
HIA supports fair treatment of young workers and recognises the importance of appropriate superannuation coverage. However, HIA opposes the Bill as drafted due to a number of legal and technical issues, primarily the impact on small business builders. Read more about HIA's submission to the Federal Senate's Economic Legislation Committee here.
National Tradies Day - Tradies will build Tasmanias future
Tasmania's home builders have marked National Tradies Day by putting the case for a trade career to young Tasmanians, saying the trades offer one of the strongest pathways in the state to secure work, real money from day one, and a career that technology is far more likely to help than replace.