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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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Land prices a roadblock to 1.2 million homes target
“The median price of residential land sold nationally jumped by 6.8 per cent over the 2024/25 financial year, more than three times faster than consumer price inflation over the same period,” stated HIA Chief Economist Tim Reardon.
Time to stop playing politics and fast track overdue EPBC reforms
“The Housing Industry Association (HIA) is calling on all parties to park the games and fast track the delivery of the long overdue EPBC reforms by the end of this year,“ HIA Managing Director, Jocelyn Martin said today.
Audit must not slow delivery of new homes under HAFF
The Housing Industry Association (HIA) welcomes the announcement of an audit into the Housing Australia Future Fund (HAFF) but cautioned that the review should not delay or derail the urgent task of increasing Australia’s housing supply, HIA Managing Director Jocelyn Martin said today.
Rezoning paves the way for Gosford City Centre transformation
“The announcement that the NSW Government will fast-track a major rezoning of Gosford City Centre, unlocking 1,900 new homes across 283 hectares, provides an exciting opportunity for the Central Coast,” commented HIA Hunter Executive Director, Craig Jennion.