In the recent federal budget, the government confirmed it plans to facilitate the building of one million new homes in 2024-29. The trend, though, is heading in the opposite direction.
The latest data from the Australian Bureau of Statistics show that the number of residential building approvals (in trend terms) issued in March was 21.5% lower than the year before.
Also, the number of approvals issued in the five years to March (968,454) was significantly lower than the number in the previous five-year period (1,105,954).
By way of context, Housing Industry Association senior economist Tom Devitt said the decline in approvals has been occurring as population growth has been surging.
“This imbalance will see the affordability and rental crisis deteriorate further,” he said.
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