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{{propApi.successMessage}} {{region}} Change locationRate increase unnecessary
Rate increase unnecessary
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“Each of these indicators of future economic activity are falling or around, some of their lowest level in decades.
“The fastest increase in the cash rate in a generation is the primary cause of these poor results in indicators of future growth.
“The RBA’s monetary policy tightening is yet to adversely impact the lagging indicators of economic activity like unemployment or inflation.
“There were very long lags in this cycle due to the strength of the economy at the start of the RBA’s rate rising cycle in the first half of 2022.
“Today’s rate rise is unnecessary and will cause further contraction in new home building, constraining the supply of new homes.
“The impact of strong population growth on the national economy and home building cannot be overstated.
“It is helping restore government finances, sustaining retail activity and addressing shortages of skilled workers and it will support new home starts over the course of the decade.
“But strong migration is also obscuring the adverse impact of rising interest rates on key economic data, such as GDP, retail expenditure and house prices.
“Stable and reliable migration has been a cornerstone of Australia’s economic growth. This has been disrupted by two years without migration and then two years of catch up.
“This disruption to migration is now distorting the RBA’s decision making.
“A return to stable business conditions cannot be achieved by sending the building industry through boom-and-bust cycles.
“The RBA should have waited for the full impact of their decisions to date emerge in 2024 before adjusting rates again,” concluded Mr Reardon.
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Agreement on Draft NCIF Blueprint an important step forward
“The Housing Industry Association (HIA) took part in the National Construction Industry Forum (NCIF) today and it was encouraging that the Forum reached agreement on establishing a draft ‘Blueprint for the Future’ to drive long-term change in the industry,” said HIA Managing director, Jocelyn Martin.
Building Standards are not planning controls
“The proliferation of building standards in Council planning controls needs to stop now,” said Brad Armitage HIA Executive Director NSW.
Streamlined planning system to deliver more homes for Tasmanians
“It is pleasing to see that should the Tasmanian Liberal Government be re-elected it is committed to planning reform and streamlining approvals that can deliver tangible and improved planning outcomes to get Tasmanians in homes faster,” said HIA Executive Director Tasmania Stuart Collins.
IPART Review of Sydney Water Prices
In line with this, HIA notes that the Sydney Water Price Proposal 2025-30 (SW proposal), highlights the critical relationship between the provision of water related infrastructure and housing delivery, and has set its capital expenditure proposal accordingly.