Saved! 12k dwelling approvals to house 700k migrants

ABS with Building Approvals for February.

The February 2024 seasonally adjusted estimate:

Total dwellings approved fell 1.9%, to 12,520.
Private sector dwellings exluding houses fell 24.9%, to 3,771, while private sector houses rose 10.7%, to 8,404.
The value of new residential building fell 19.1%, to $5.79b.
The value of non-residential building fell 16.0%, to $4.09b.

We need 20k per month to meet Albo’s 1.2m new dwellings target in five years. He’s got us rocking along at -8k per month! We’ll only be half a million houses short.

Pretty darn good, I say!

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.