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“At its core, the shortage of housing in Australia is due to a lack of investment. Attracting more investment, especially into apartment construction, could help overcome the shortage of investment from domestic and international sources.
“State and Territory governments have introduced barriers to overseas financial institutions looking to build homes in Australia and this has exacerbated the shortage of housing in Australia.
“These taxes have contributed to the volume of apartments commencing construction falling by around 50 per cent over the past decade.
“If the Future Fund is to step into the gap this could see a recovery in apartment commencements.
“Apartments are essential to meeting the demand in capital cities. The timing for delivering of new apartments is currently being hampered by a range of factors including planning delays, new and onerous building codes, and continuing red tape being embedded on businesses.
“Assuming that it takes four years to gain approval, and a further three years to build the apartments, this could see the Future Fund delivering apartments prior to the Olympics in Brisbane in 2032.
“In addition to easing the shortage of housing, this investment could represent an opportunity to target complementary policies that can assist in overcoming other structural barriers including a shortage of labour.
“HIA encourages the government to direct investment into new home building and urges the Australian government to ensure this investment is not ‘hand cuffed’ with additional objectives that would add further delays and costs to construction,” concluded Ms Martin.
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.