Australia Faces Housing Shortfall Without Urgent Rezoning Reforms, Warns Business Council

Published on October 17, 2024

Australia is expected to fall significantly short of its target to build 1.2 million new homes over the next five years unless drastic rezoning reforms are implemented, according to the Business Council of Australia (BCA). In their newly released report, It’s Time to Say Yes to Housing, the BCA calls on state and territory governments to unlock more land for housing by overhauling restrictive zoning laws, particularly in areas of high demand. The report highlights that just 176,000 new dwellings were completed in the 2023–24 financial year—64,000 homes fewer than required annually to meet the National Housing Accord’s 1.2 million homes target. “Without changes to rezoning laws, the shortfall could worsen, intensifying the housing affordability crisis,” the report states....

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