Albanese celebrates 5 minutes of housing supply

Let’s take a quick stocktake of Australia’s housing supply situation.

Over the first 18 months of the Albanese government’s National Housing Accord, which set a target to build 1.2 million homes over five years, commencing on 1 July 2024, 97,400 (27%) fewer homes were built than required under the target:

Earlier this month, CBA updated its housing supply forecasts, which estimated that around 15,000 fewer dwellings would be built by late 2029 due to higher construction costs.