The ABS today released its building activity data for the September quarter 2024. This data provides estimates of the value of building work and number of dwellings commenced, completed and under construction across Australia and its states and territories.
They report that Australia commenced construction on just 43,250 new homes in the first quarter of the 2024/25 financial year seasonally adjusted and completed 44,884 new dwellings in the September quarter.
Remember that the Government has set a target of 1.2 million new homes over five years (July 2024 to June 2029). Based on the current trajectory, which of course has the potential to ramp up in later years at least in theory it looks like around only 173,000 homes will be commenced during the first year of the National Housing Accord period, which is 67,000 short of that necessary to meet the annual targets. And of those new homes completed, this was also well short of well short of the desired 60,000 per quarter.
Yet Albo was out spruiking 25,000 more homes across NSW. Saying And they’ll be connected to the transport, services and local parks that make communities great places to live. Because whether you live in the cities or the regions, everyone deserves the security of a roof over their head. Though Mat Barrie perhaps put his finger on it quite well, tweeting “and probably also connected to electorates who do not vote for the ALP 2PP.
That selfie, one of many from Albo in what I call the announcables category, created a social media storm reaction, including this “Albo posting every single day about how he “fixes” the housing crisis is beyond pathetic. No moral, no spine. Go away…
Actually, the current miss on housing targets is a symptom of a more general malaise. Trouble is neither side of politics wants to fess up ahead of the upcoming election!
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