HomeBuilder failure: Apartment building approvals crash

Australian Bureau of Statistics figures released today show building approvals for units have collapsed again.
Approvals for the building of units fell 11 per cent in August, and a massive 18 per cent for the year.
Industry stakeholders and Treasury’s own figures show the housing industry falling off a cliff and the story keeps getting worse.
The HIA forecasts a decline of 41 per cent in starts for apartments this financial year.
Despite the Government telling us how successful HomeBuilder is, almost four months after its launch, this data shows it’s just not true.
There will be less work for tradies and jobs will be lost unless the Government tries to fix its bungled HomeBuilder Scheme in next week’s budget.
But a lot more needs to be done than just this.
All the big housing organisations – the HIA, the Property Council, Master Builders Australia – have all said the government has to do a lot more than this. 
To help save the housing construction industry they have all called for the same thing – build more social housing.
It makes sense.  Private demand for new housing is going to be down for years because the borders have been shut and there is no migration. 
To fill that gap and keep the industry going it makes sense to build more social housing and fix the run-down housing we already own.
It can be done quickly.   It would keep a lot of tradies working.  It would also put a roof over the head of people who desperately need it.