Michael Sukkar MP

LABOR HAS NO PLAN FOR GRIM HOUSING OUTLOOK

THE HON MICHAEL SUKKAR MP
Shadow Minister for Social Services
Shadow Minister for NDIS
Shadow Minister for Housing
Shadow Minister for Homelessness

MEDIA RELEASE

3 March 2023

LABOR HAS NO PLAN FOR GRIM HOUSING OUTLOOK

The Housing Industry Association has revealed an alarmingly grim outlook for detached houses commencing construction in 2023, forecasting the worst year in a decade.

The HIA’s economic and industry Outlook Report shows the building boom which started under the former Coalition Government has come to an end, with this downturn set to accelerate.

According to HIA Chief Economist Tim Reardon, the lowest level of production since 2012 is anticipated.

“This will see the number of detached housing starts fall below 100,000 starts per year for the first time in a decade to just 96,300 in 2024. This is a very rapid slowdown from the 149,000 starts in 2021.”

The ABS also released fresh January data for detached dwellings and multi-unit approvals, which ‘declined by 13.5 per cent and 43.7 per cent respectively’.. Total building approvals were also down at the beginning of 2023, with the declines led by New South Wales (-49.0 per cent), Victoria (-38.6 per cent).

With ongoing rate rises expected, it is clear that Labor has no plan to support the residential construction industry, putting businesses and livelihoods at risk.

Sadly, it also means the houses first home buyers are desperately in search of aren’t being built, furthering supply shortages across the country.

Labor’s rudd-esque Budget announcement to build 1,000,000 homes is also in tatters with these most recent figures.

Home ownership and the residential construction industry have never been a priority for Labor and everyday Australians will suffer as a result.

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