Major bank slashes rates to lowest in years<\/a><\/p>\n![\"Australia's](\"data:image\/svg+xml,%3Csvg)
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Prime Minister Anthony Albanese has been criticised for the migration intake. Picture: Hilary Wardhaugh\/Getty Images<\/p>\n
These warnings have come as HIA figures showed the country has been falling behind in critical targets set out in the National Housing Accord plan to build 1.2 million new homes by 2030.<\/p>\n
HIA managing director Jocelyn Martin said in July, on the anniversary of the National Housing Accord, that the pace of building needed to speed up to meet targets and accommodate population growth.<\/p>\n
\u201cThere were only 168,050 dwelling commencements nationally in the 2024 calendar year. If we continue at this pace, Australia will fall well short of the 1.2 million homes target.<\/p>\n
\u201cHIA\u2019s forecast of dwelling commencements, or gross new housing supply, shows only around 986,000 homes will be delivered to market over the five years to 2028\/29.\u201d<\/p>\n
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Institute of Public Affairs\u2019 Daniel Wild. Picture: NewsWire\/ Richard Gosling<\/p>\n
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Ms Martin added that building industry problems have exacerbated the challenges.<\/p>\n
\u201cBuilders are still facing the same barriers that have been holding the industry back for years,\u201d she said.<\/p>\n
\u201cLand supply remains constrained, planning systems are slow and complex, and the cost of delivering a new home continues to rise because of charges, taxes and red tape. Interest rates, skill shortages and material costs only add to these pressures.<\/p>\n
The ABS data confirms net overseas migration is running at twice the pre-Covid quarterly average of 55,000, raising fears that the government\u2019s promises to rein in population growth have failed.<\/p>\n
Mr Wild said the government\u2019s \u201cdeliberate\u201d migration strategy had contributed to a prolonged per-capita recession and urged a \u201charder and faster\u201d cut to the intake.<\/p>\n
\u201cAustralia is a tolerant and welcoming country, and migration has and will always be a part of our national story. But Australia\u2019s migration program needs to be properly planned for, sustainable, and have the support of the community,\u201d Mr Wild said.<\/p>\n
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HIA figures have revealed building is not occurring fast enough to contain population growth.<\/p>\n
Migration has emerged as a hot-button issue in recent months.<\/p>\n
Thousands of protesters from across the political spectrum converged on Australia\u2019s capital cities and regional centres last Saturday, marching through the streets and facing off with police.<\/p>\n
Opposing groups came face-to-face in multiple cities, as rallies against racism and mass migration unfolded.<\/p>\n
The migration boom comes as first-home buyers face the toughest affordability crisis in a generation, with property prices in Sydney, Brisbane and Melbourne climbing back near record highs.<\/p>\n
These price increases \u2013 fuelled by multiple forces \u2013 have often eclipsed the savings buyers would have got from recent cuts in interest rates.<\/p>\n
\u201cMainstream Australians are paying the price,\u201d Mr Wild said.<\/p>\n
Abul Rizvi, former deputy secretary in the immigration department and ANU professor Alan Gamlen told media the most relevant figure for assessing the impact on housing and services was net overseas migration.<\/p>\n
Federal government figures showed net overseas migration for over 2024 was 341,000 people, down 37 per cent from a peak of 538,000 in 2022\/23.<\/p>\n","protected":false},"excerpt":{"rendered":"Housing construction has been falling behind targets nationally. Australia\u2019s migration intake has exploded to double pre-pandemic levels, sparking…\n","protected":false},"author":2,"featured_media":32511,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-32510","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/32510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=32510"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/32510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/32511"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=32510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=32510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=32510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}