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{{propApi.successMessage}} {{region}} Change locationHome building gaining momentum
Home building gaining momentum
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“The RBA delivered the third rate cut of this easing cycle, bringing their benchmark cash rate down from 3.85 per cent to 3.6 per cent,” stated HIA Senior Economist Tom Devitt.
The RBA held its August meeting today, delivering its decision on the cash rate and handing down its new Statement of Monetary Policy and updated forecasts.
“The RBA cited recent data justifying today’s rate cut, including their preferred trimmed mean measure of inflation having been within their 2-3 per cent target for over a year, and continuing to decline,” added Mr Devitt.
“Another reduction in borrowing costs from today will provide a further boost to home building activity across the country that will ensure ongoing jobs growth and economic activity.
“One in ten employed Australians are engaged in the sector. It provides an important contribution to economic activity.
“Now with three interest rate cuts in the back pocket, established home prices are rising, making new home building increasingly viable for new households.
“The RBA’s current cash rate settings remain in restrictive territory and will constrain household and private sector business spending across the economy, including in the home building industry.
“Household spending has been particularly constrained, with Australia having been in an almost uninterrupted per capita recession since mid-2022.
“Despite this, and ongoing increases in taxes and restrictions on new home building, the volume of homes commencing construction is set to continue to increase.
“Elevated population growth and government job creation have created demand for new homes and will continue to support ongoing growth in the number of new home starts.
“These same factors are also likely to keep inflationary pressures higher than last decade ensuring that this cutting cycle is relatively short-lived.
“Policymakers cannot rely on the RBA to achieve 1.2 million homes over the five years.
“More significant structural reforms to regulation and taxation of homes are required to address Australia’s housing shortage,” concluded Mr Devitt.
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