Last week was an unmitigated disaster for Australian housing affordability.
On Tuesday, the Australian Bureau of Statistics (ABS) released data on dwelling approvals, which showed that the number of homes approved for construction is falling badly behind the government’s target to build 1.2 million homes over five years, which requires 240,000 homes to be built annually.
In the first 14 months of the National Housing Accord, 218,300 dwellings were approved, 61,700 (22%) fewer than the target of 280,000 dwellings.
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