Once upon a time, in a land down under, there was a Government who promised to build 1.2 million homes, over five years, or 240,000 per year or 60,000 homes per quarter. And he huffed and he puffed, but despite everything, the best he could manage, at least in the year to March 2024 was 162,600, homes approved, around 77,000 fewer than the Albanese government’s target and the lowest level since March 2013.
Dwelling construction has collapsed to at least decade-lows at the same time as population growth has surged by a record 660,000.
The only way to solve Australia’s housing shortage is to reduce net overseas migration to historical levels of less than 120,000 per year. Net overseas migration must be lowered below the nation’s ability to build housing and infrastructure.
If we did that, we could move from Albo’s fairy tales, to something more realistic, despite the reality that new construction will continue to grind lower, while existing projects are taking ever longer to complete.
It is truly a fine mess, created by at least 20 years of bad policy, but Albo is chief fairy on top of the tree. Time for mass policy change. Otherwise, population demand will forever exceed supply. And many ordinary Australians will be left out in the cold.
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