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The Australian Bureau of Statistics (ABS) released data on dwelling commencements and completions for the fourth quarter of 2025, which confirmed that the National Housing Accord’s target of building 1.2 million homes over five years has drifted further out of reach.
The number of homes that commenced construction increased to 53,567 in the fourth quarter of 2025, 11% fewer than the 60,000 quarterly run rate required to meet Labor’s housing target.
In the 2025 calendar year, 196,118 homes commenced construction, 18% fewer than the 240,000 annual run rate to meet the target:
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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.