The latest Australian Bureau of Statistics building activity data has confirmed there is no end in sight to Labor’s housing crisis.
2023-24 saw the lowest home building commencements in over a decade, dropping 8.8 per cent to just 158,690 new starts.
Australians know Labor’s promise to build 1.2 million homes over five years has ground to a halt, with industry leaders confirming the Coalition’s predictions of a shortfall by more than 400,000 homes.
This is far less than what was built under the former Coalition government, where the number of dwellings commenced during the last full five calendar years from 2017 to 2021 was 1,028,703.
Additionally, trade apprenticeship numbers have also declined, with completions down 8.6 per cent and commencements down 11.8 per cent, further impacting the construction sector.
To put Labor’s housing crisis into more perspective:
- The number of loans provided for the purchase or construction of new homes is at a 15-year low.
- Net permanent and long-term arrivals in the 12 months to July 2024 was 463,150, almost 60 per cent greater than the 293,860 net arrivals in the equivalent year before the pandemic.
- Since the election, national median rents have increased by 23 per cent to $632 per week from $512 in May 2022.
- The National Housing Accord envisages 240,000 new homes each year, however, the past 12 months have seen only 166,200 new home building approvals across Australia.
- One new home needs to be built every 2.2 minutes to keep up with Labor’s promise to build 1.2 million homes.
- The twelve-interest rate rises since the election has added at least an extra $20,000 per year to a family with a $750,000 mortgage.
Under Labor, housing will never be a priority, maintaining mortgage and rental repayments has never been more difficult, and home ownership has never been further out of reach.
