Australian Bureau of Statistics figures released today show residential building approvals in freefall.
Approvals for the building of units has collapsed - falling 34.9 per cent in May.
This means a big reduction in the construction of new apartments, and according to stakeholders like the Property Council, the Government’s HomeBuilder Scheme doesn’t do enough to turn this around.
The seasonally adjusted estimate for total dwellings approved fell 16.4 per cent in May.
The Government can’t say it wasn’t warned. For two months Labor has consistently called for a comprehensive plan to save the jobs of almost 1 million Australians that work in the housing construction industry.
This drop in approvals means less work for tradies and jobs will be lost.
This news comes almost a month after the announcement of the Government’s bungled HomeBuilder Scheme which is still not ready to receive a single application.
Housing construction work is now falling off a cliff and the Morrison Government has produced nothing but a poorly targeted, complex and inadequate scheme.
Tradies deserve better.
Home buyers deserve better.
Home renovators deserve better
The 140,000 Australians on public housing waiting lists deserve better
Sadly, the only thing many tradies will be building in the next few months is a longer line outside Centrelink.
WEDNESDAY, July 1, 2020
MEDIA CONTACT: SCOTT DAVIES 02 9790 2466