Victoria’s building industry is among the strongest in the nation, with the Victorian Government’s sound financial management creating jobs and ensuring the state’s economy continues to grow.
Confidence in the Australian property industry has dropped to its lowest level in more than five years, highlighting the importance of good policy decisions in 2019 to sustain the growth of one of the main drivers for the Australian economy.
“Governments don’t need to cut migration, the economy is doing that task for them,” said Geordan Murray, HIA Senior Economist.
“The national accounts confirm that the economy has slowed in the second half of 2018 which is consistent with Ai Group’s monthly performance indicators since at least the middle of 2018,” Ai Group Chief Executive, Innes Willox, said.
The Australian Bureau of Statistics has reported that the economy grew by 0.9% in the June 2018 quarter and by 3.4% over the last year. This was stronger than expectations for a 0.7% increase for the quarter and 2.8% for the year.
“Governments should avoid whip-lash changes to migration strategies for fear of adversely impacting employment, wealth creation and revenue necessary to supply infrastructure and services,” stated Tim Reardon, HIA’s Principal Economist.
“An unexpected tight squeeze on credit for home buyers is accelerating the slowdown in building activity,” said Mr Tim Reardon, HIA Principal Economist.
The Newspoll results on the Federal Opposition’s proposed changes to negative gearing for property underscores the need for more details about their impact on the Australian economy and households.
A booming Australian minerals sector has strongly contributed to the 27th year of uninterrupted economic growth for the nation, according to latest Annual National Accounts data released by the Australian Bureau of Statistics.
The Australian Annual National Accounts released show that the size of the economy has reached over $1.8 trillion, reflecting a 2.8 per cent increase in 2017-18. This is up from the $1.2 trillion in 2007-08 in nominal terms.