The lift in GDP for the September 2019 quarter is welcome, but conceals a worrying decline in housing construction which will undermine housing supply and affordability for our growing population.
“The impact of the credit squeeze that caused the rapid deterioration in building conditions over the past 18 months is evident in today’s construction data,” stated Angela Lillicrap, HIA Economist.
An eight per cent fall in national dwelling approvals in October 2019 demands a response from all levels of government.
Rio Tinto has approved a $749 million (A$1 billion) investment in its existing Greater Tom Price operations (100% owned) to help sustain the production capacity of its world-class iron ore business in the Pilbara of Western Australia.
The Property Council of Australia has welcomed the Federal Government’s plan to bring forward of spending on infrastructure projects around the country.
In a win for asbestos fence removers, councils and local communities in NSW.
Now that the dust has settled after the 2019 Federal election and parties review their policies going into 2020, one thing that must change is the attack on capital gains tax and negative gearing, HIA Managing Director Graham Wolfe said.
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) climbed 1.3 points to 43.9 in October (2019), indicating a slight easing in the construction industry’s overall rate of contraction (readings below 50 indicate contraction in activity, with the distance from 50 indicating the strength of the decrease).
“Building approvals rebounded for the month of September (2019), increasing by 7.6 per cent compared to the previous month but remain well below levels experienced in recent years,” stated HIA Chief Economist Tim Reardon.
In an Australian first, the CEFC and the National Farmers Federation have collaborated to back ready-made clean energy solutions for Australian farmers, with the twin goals of increasing on-farm efficiency and cutting greenhouse gas emissions.