“Dramatic changes in migration intake can create shocks in demand for private sector businesses, including those in the residential building industry. Changes to migration policies that slow population growth risk adversely impacting Australia’s potential for economic growth,” stated HIA’s Chief Economist, Tim Reardon.
“The fact that economic growth is now at its weakest in a decade makes the task of actioning new infrastructure projects all the more urgent,” Shane Garrett, Chief Economist of Master Builders Australia said.
Consumer confidence continues its rise. With the exception of ‘time to buy a household item’, which fell 2.9 per cent, all the sub-indices were positive.
“The opportunity to get the housing market moving again has never been greater. State and territory governments must grab it,” Master Builders Australia’s Chief Economist Shane Garrett said.
“The importance of the First Home Buyer (FHB) segment of the market has grown again, with newly released figures for March (2019) showing that their share of the market is at its largest in nearly 7 years,” Shane Garrett, Chief Economist said.
The Australian Industry Group WA congratulates the State Government on the work it has done to assist in returning the WA budget to surplus.
A six-year low in property industry confidence levels underscores Treasury’s budget warnings about the risks to the economic outlook from a further deterioration in the housing sector.
“For the past five years the building industry has driven economic growth in Australia. In contrast, the Budget assumes that dwelling investment will cool 7 per cent next year (2020).
Today’s (April 2 2019) federal budget and its growth projections are heavily reliant on Australia’s falling housing markets holding up, according to the Property Council of Australia.
Jobs growth and record infrastructure investment have solidified Victoria’s position as the nation’s strongest economy.