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“The CPI result of 1 per cent for the quarter is a concern. Factors such as housing undersupply are continuing to keep CPI above the RBA’s target and risk a higher interest rate for longer than previously anticipated.
“Perversely, these structurally higher rates will continue to supress home building activity and make it increasingly challenging for the Australian Government to build 1.2 million homes over the next five years.
“This target is ambitious, but essential to avoid ongoing rapid increases in rents.
“With higher interest rates likely to linger, it is increasingly important that government look at reducing the tax impost on homes, to improve supply of housing.
“Government taxes and charges account for as much as 50 per cent of the cost of a new house and land package.
“Governments are the biggest impediment to home building in Australia. They cannot continue to blame the consequence of their decisions on foreigners or investors who build homes and make them available for rent or sale.
“State governments increased the taxes on foreign investors a decade ago and we have seen the volume of apartments fall by around 50 per cent.
“The consequence of increasing taxes on homes is that we will get fewer homes built.
“A tax on carbon will lead to less carbon. A tax on homes will also lead to fewer homes.
“Proposals raised yesterday by Senators Lambie and Pocock to increasing taxes on established homes will not lead to increased investment in new homes.
“It is not that investment will flow from established homes to new homes, but to other investment classes, resulting in fewer new homes built.
“If politicians want to increase the supply of housing, then they should look at proposals to reduce taxes on housing.
“We cannot solve the affordability challenge with more tax on housing,” concluded Mr Reardon.
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.