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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.
“The long-discussed move of the University of Tasmania (UTAS) from the Sandy Bay campus presents a real opportunity to ease housing pressures in Greater Hobart,” said Stuart Collins, HIA Executive Director Tasmania.
The Victorian Government has announced it is proposing Regulations that will require building practitioners and plumbers to meet Continuing Professional Development (CPD) requirements. A Regulatory Impact Statement and proposed regulations has been released for public comment.
HIA commented on the Explanation of Intended Effect (EIE) which outlines proposed changes to encourage more low-rise and mid-rise housing (December 2023).
“Australia is set to commence construction on little more than a million new homes over the next five years, almost 200,000 short of the Australian government’s target,” stated HIA Senior Economist Tom Devitt.