Albanese defends worsening housing shortage

This week, we received data on dwelling approvals from the Australian Bureau of Statistics (ABS), which showed that the Albanese government’s target of building 1.2 million homes over five years (i.e., 240,000 dwellings a year) is falling badly behind.

In the first 14 months of the National Housing Accord, 218,306 dwellings were approved, 61,694 (22%) fewer than the target of 280,000 dwellings.

However, dwelling approvals have outpaced completions by 5% over the past decade, meaning the National Housing Accord’s target is further out of reach.

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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.