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Albanese Vowed to Build 1.2 Million Homes. His Own Agency Shows Him Falling Well Short
- A recent report from the council overseeing housing supply and affordability in Australia indicates the country is unlikely to reach its goal of constructing 1.2 million homes by mid-2029 due to a significant shortfall in new builds.
- This shortfall arises from multiple issues including skilled worker shortages, costly fragmented land, restrictive planning laws, high interest rates, and tax distortions.
- By 2024, only 14% of new homes were affordable for median-income households, with median mortgage repayments consuming half of their income and rental costs hitting a third.
- Federal Housing Minister Clare O'Neil said the government is deploying policies like the Housing Australia Future Fund and prefabricated housing support to increase supply, while calling for tax and planning reforms.
- Despite efforts, the council warns that without addressing systemic barriers, housing supply will remain insufficient, prolonging affordability issues and impacting economic productivity and social wellbeing.
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The Canberra TimesReposted by 
The Border Mail
The Border MailAustralia's plan to build more homes is in deep trouble. We need bold action
Australia risks missing its 1.2 million homes target by 2029, falling short by 262,000. Urgent reforms are needed to tackle housing affordability.
·Canberra, Australia
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Total News Sources23
Leaning Left6Leaning Right3Center2Last UpdatedBias Distribution55% Left
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R 27%
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