Michael Sukkar MP

MINISTER FOR HOUSING IDLE AS HOUSING CRISIS WORSENS

THE HON MICHAEL SUKKAR MP

Shadow Minister for Social Services

Shadow Minister for NDIS

Shadow Minister for Housing

Shadow Minister for Homelessness

MEDIA RELEASE

2 November 2023

MINISTER FOR HOUSING IDLE AS HOUSING CRISIS WORSENS

Under the Albanese Labor Government Australia’s housing crisis is only getting worse, as new data reveals lending for new homes remains at a shameful 20-year low, with only 4,282 loans issued for the construction or purchase of new homes in September 2023.

This means in the last three months, the number of loans issued for the construction or purchase of a new home is 27.7 per cent lower than during the same quarter last year.

In addition to this, new house building approvals have dropped to decade lows, meaning Australians can expect to see new house starts in 2024 forecast to hit their lowest level since 2012.

This is only going to exacerbate the current housing situation, with first home buyers remaining at their lowest since the Gillard Government, and more than one million Australians relying on the building industry for their livelihoods.

Despite this, first home buyers can expect further stiff competition in the housing market with Labor’s plan to welcome 1.5 million more migrants by 2027.

This latest data proves that Labor’s fake promise of building 1.2 million homes will never be met.

After 18 months in Government, Labor’s lack of agenda and inaction on housing continues to push homeownership further out of reach.

Ends