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Australia’s dwelling construction is already running well behind the Albanese government’s 1.2 million five-year target, as set out in the National Housing Accord.
The target requires a construction run rate of 240,000 homes annually – a level of dwelling construction that Australia has never achieved before.
In the year to March 2026 – the latest data available – only 173,400 homes were built, 66,600 (28%) fewer than the 240,000 annual 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.
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