Labor’s one million homes for 1.2 million migrants

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Recall that Treasurer Jim Chalmers announced on Budget night that the federal government would aspire to “build one million new, well located homes over five years from 2024”.

I rubbished this announcement immediately afterwards noting that nearly one million dwellings were completed in the past five years anyway. Therefore:

Will Chalmers’ “one million” new homes be in addition to this? Or will the new scheme simply replace what was going to be built anyway? And where will the extra tradespeople, builders and materials come from to build these extra homes?

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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.