Australia's Housing Target at Risk
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Australias federal government plans to construct 1.2 million homes nationwide by mid-2029, but New South Wales is lagging, with only 15% completion. If the current pace continues, the state wont meet its target until mid-2031, potentially delaying the national goal until the mid-2030s. Other states show varied progress, with some on track and others at risk of missing their targets. Property prices in major cities like Sydney remain high, exacerbating affordability issues. While there are positive signs, such as increased housing starts and faster build times, recent data doesnt account for the Reserve Banks interest rate hike. The government plans budget reforms to accelerate home building, while opposition figures advocate for reducing red tape. States and territories are stepping up efforts, but faster action is needed to alleviate housing pressures.
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