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Australia promised 1.2 million new homes, but builders are at their limits
Builders say labor shortages, rising costs and longer build times are pushing Australia’s home construction well behind the pace needed for the 1.2 million target.
- Australia's completed home construction sits 27% below the pace required to meet Prime Minister Anthony Albanese's 1.2 million-home target by 2029, official data showed on Tuesday.
- Worker shortages and rising input costs continue to delay projects, while Brisbane's A$4.93 billion in Olympic-related construction further strains local labor availability for residential builds.
- Financial pressures are mounting as 3,472 construction firms entered insolvency proceedings in the year ended June 30, while Australia's official cash rate stands at 4.35%, suppressing project development.
- Master Builders Queensland deputy chief executive Michael Hopkins warned that policy debates on taxation distract from production needs, urging focus on streamlining red tape and boosting workforce capacity.
- A spokesperson for Housing Minister Clare O'Neil acknowledged the 'deliberately ambitious' target, stating the government will continue efforts to build homes faster rather than lower expectations despite challenges.
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Sydney Morning Herald+4 Reposted by 4 other sources
Homes in the east, jobs in the west: How Sydney plans to fit an extra 1.3 million people in by 2046
About half of the 800,000 new homes the city needs to construct in the next 20 years will be built east of Parramatta, compared to less than a quarter in the west.
·North Sydney, Australia
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Coverage Details
Total News Sources9
Leaning Left3Leaning Right0Center3Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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