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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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Housing progress at roundtable important but more work to do
“The Housing Industry Association (HIA) is pleased to see housing feature prominently at this week’s Economic Reform Roundtable particularly on cutting excessive red tape and streamlining environmental approvals, but as Treasurer Jim Chalmers has indicated more work is needed on easing housing construction,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes $50 Million Housing Support Package for Flood-Hit Residents
“As an industry association whose members are embedded in the Hunter and Mid North Coast communities, HIA welcomes the $50 million Housing Support Package announced by the Albanese and Minns Governments,” said HIA Hunter Executive Director Craig Jennion.
HIA welcomes $300 million plantation grant to boost timber supply
“The Housing Industry Association (HIA) welcomes today’s announcement by the Albanese Government in providing $300 million to support Australia’s future wood supply to meet increasing housing needs across the country,” said HIA Managing Director Jocelyn Martin.
HomeGrown grant key to rebuilding the Territory
“Today’s announcement on the successful take up of the HomeGrown Territory grant highlights the importance of this key housing support scheme that is spurring economic growth and kickstarting home building across the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.