The Albanese government’s promises of 1.2 million homes over five years are now in the realm of political fantasy, despite the billions of dollars it has pledged for housing.
Already a subscriber?Inflation is not the only area where the Reserve Bank and the Albanese government are in pointed if polite disagreement.
Susan Lloyd-Hurwitz, who chairs the National Housing Supply and Affordability Council, says things will get worse before they get better.As the government has belatedly conceded, Australia’s record high immigration greatly exacerbated this problem. Presumably its promise to halve net overseas migration by next financial year will prove slightly more realistic than its new homes pledge. But even that won’t address the backlog.
Deep in one of Treasury’s budget papers was acknowledgement that dwelling investment had declined this financial year and will be flat next year, beforeOne of the more understandable reasons for the accumulating gap in supply is the change in the average number of people living in the country’s 11 million households – down from 2.8 in the 1980s to 2.5 more recently.
That’s been countered somewhat by the increase in the number of young people living with their parents for much longer. Hunter, in central banker speak, says this is in part due to “affordability considerations”. But having survived the pandemic, many home builders are still delaying projects because they can’t make the financial returns add up given higher interest rates and the surging cost of construction, including the shortage of labour.
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