Today the Australian Bureau of Statistics released the latest construction activity data from the June quarter showing residential construction work done fell for the eighth consecutive quarter and is down 12.1 per cent over the year.
Today’s collapse in construction follows industry warnings of a “bloodbath” in the sector.
When it comes to construction, Scott Morrison is all slogan, no delivery.
The really bad news is that the worst is yet to come.
In the last fortnight, Treasury and the housing industry have forecast that housing construction will plummet by as much as 27 per cent.
This is a disaster for tradies.
This is a disaster for small mum and dad businesses in the housing game.
This is a disaster for almost one million Aussies who work are employed through residential construction.
Unless the Government acts the only thing a lot of tradies will be building in the next few months is a longer line outside Centrelink.
The HomeBuilder Scheme is just one tenth of the size of the housing construction stimulus plan that Labor put in place during the Global Financial Crisis to support the construction sector.
The major investment Labor made in social housing during the GFC helped to save tradie jobs, keep the economy out of recession, and put a roof over the head of Australians who really needed them.
Labor has repeatedly called on the Morrison Government to put together a comprehensive housing stimulus plan including building more social housing, and we’re not the only ones.
- Master Builders Association
- Property Council of Australia
- OECD Economic Outlook
- Equity Economics
- Grattan Institute
- Council of Capital City Lord Mayors
- PowerHousing Australia
- Community Housing Industry of Australia (CHIA)
- National Shelter
- Homelessness Australia
- Australian Council of Social Service (ACOSS)
- Commonwealth Bank of Australia