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The ABS released the Lending to Households and Businesses data for December 2023 today, which provides statistics on housing finance commitments.
“The ABS has been collecting data on lending for new homes since 2002, and today’s data shows the lowest number of these loans being issued on record,” added Mr Devitt.
“The steepest RBA rate hiking cycle in a generation has compounded the elevated costs of home building, seeing potential home buyers squeezed out of the market and fewer new homes commencing construction.
“This lack of new work means the pipeline of new housing supply approaching completion is now shrinking rapidly.”
“At this rate, Australia will not commence enough housing to meet National Cabinet’s target, falling well short of the 1.2 million new homes they want to see built in the next five years.
Today’s data reinforce the need for immediate action by Governments to improve planning regimes, reform taxes on housing, release more shovel ready land, reduce red tape, and address skilled worker shortages.
“These are some of the key measures needed to increase the construction of new homes and support the industry to build more of these much needed homes.”
“At a time of record population growth and acute shortages of rental accommodation, a dwindling supply of new homes threatens to worsen Australia’s housing crisis,” concluded Mr Devitt.
In original terms, the total number of loans issued for the construction or purchase of new homes in 2023 declined in all jurisdictions compared to the previous year, led by the Australian Capital Territory (-51.4 per cent) and followed by the Northern Territory (-33.5 per cent), Tasmania (-31.0 per cent), New South Wales (-30.9 per cent), South Australia (-27.1 per cent), Victoria (-26.2 per cent), Queensland (-21.8 per cent) and Western Australia (-15.6 per cent).
“The Victorian government’s new Planning Bill introduced today into Parliament by the Minister for Planning, Sonya Kilkenny is welcomed by HIA as it has the potential to reboot the government’s Housing Statement and target of building 800,000 homes in ten years,” stated HIA Executive Director, Keith Ryan.
Members are advised that changes to the Moreton Bay planning scheme introduced on the 30 October 2024 in relation to rear boundary setbacks are about to be enforced.
The Tasmanian Government has confirmed it will not adopt the revised National Construction Code (NCC) 2025, following the Building Ministers’ Meeting held on Wednesday.
HIA has expressed significant concerns with the operation of fidelity funds due to the complexity of the insurance product, lack of adequate protection for consumers and absence of independent APRA regulation.