On Wednesday, the Australian Bureau of Statistics (ABS) released data on dwelling commencements and completions for the March quarter of 2024.
Only 39,715 dwellings were commenced in the March quarter, roughly one-third less than the 60,000 required to meet the Albanese government’s target of building 1.2 million homes over five years.
Over the year to March 2024, only 158,933 dwellings were commenced, roughly 81,000 below Labor’s annual target of 240,000 homes.
There were 41,329 dwellings completed in the March quarter of 2024, around 19,000 less than Labor’s housing target.
Over the year to March 2024, 171,667 dwellings were completed across Australia, roughly 78,000 below Labor’s annual 240,000 construction target.
The latest data on dwelling approvals, released earlier this month, showed that only 163,759 homes were approved for construction in the year to May 2024, which is roughly 76,000 below the Albanese government’s 240,000 annual construction target.
Finally, the next chart plots all three series against Australia’s annual population growth, which was 651,200 in the year to December 2023 (latest available):
As you can see, a record gap has emerged between population demand and housing supply, meaning the rental crisis will roll on.
Clearly, the only genuine solution to the housing crisis is to cut immigration to a level that is below the nation’s capacity to build housing and infrastructure.
