Builders Expect Government to Fall Short of Targeted 1.2 Million Homes

The Albanese government is expected to fall short of its target to build 1.2 million homes over the next five years amid poor planning and a shortage of skilled workers. According to forecasts from Master Builders Australia, only 1.09 million new homes are projected to be built from July 1, 2024, to June 30, 2029, leaving a shortfall of over 112,000 homes compared to the National Housing Accord’s target. These projects do not factor in the full impact of the Closing Loopholes Bills and union pattern bargaining negotiations underway in several states into the forecast. The shortfall comes despite provisions such as the $3.5 billion ($US2.3 billion) in payments to state, territory, and local governments and a one-off $2 billion payment to increase social housing stock....