Australia's housing construction target downgraded

The Albanese government has set a fantastical target of building 1.2 million homes over five years, equating to 240,000 homes a year.

As illustrated below, this is a level of construction that has never been achieved before. Current construction levels are tracking around 30% below the government’s target.

The latest housing projects from the Housing Industry Association (HIA) and Oxford Economics Australia suggest that construction levels will fall around 20% to 25% short of the government’s target at the end of the five years.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Australia’s housing construction target downgraded