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The latest quarterly dwelling completions data from the Australian Bureau of Statistics (ABS) showed that over the first 15 months of the National Housing Accord, 81,000 (27%) fewer homes were constructed than required to meet the government’s target of building 1.2 million homes over five years, commencing July 1, 2024:
Out of the major markets, the construction shortfall is particularly severe in New South Wales and Queensland:
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The January dwelling approvals data from the ABS suggested that construction rates will slow, with trend approvals declining by 0.1% over the month:
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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.