National housing target falters as home approvals fall across Australia

The Albanese government is being warned it’s risking making already dire housing approvals data worse with a new policy play. Australian housing approvals went backwards in July in a worsening of the trajectory for the nation’s efforts to build its way out of a housing crisis. And leading industry groups are warning the Albanese government is angling to make the situation even worse for itself, with the prospect policy plans to tax trusts will hit businesses that will be doing the heavy lifting for building homes. Analysis of Australian Bureau of Statistics figures show that the nation is now on track to approve 213,000 fewer homes than Albanese government plans had called for in the five years from 2024 to 2029. RELATED: Australians spend record $100bn on new homes amid tradie shortage $100bn blow out: Albo under fire over tradies Buyer turn-offs that wipe 40 per cent off a home’s value Just over two years since Prime Minister Anthony Albanese and Treasurer Jim Chalmers kicked off a crusade to build 1.2 million new homes by 2029 in an effort to stop house prices soaring, the country has approved just 411,216 new homes according to Australian Bureau of Statistics data released toda...