Australia’s economy contracted during the September 2016 quarter, only the third decline in the last decade, due in part to a decline in construction activity.
The government’s legislation to reinstate the ABCC and bring back industry specific penalties and sanctions will return the rule of law to the construction industry, says the Housing Industry Association.
The number of construction loans and loans to households purchasing new homes is slightly below peak levels recorded in late 2015 and early 2016 and is consistent with high levels of new home building, says HIA Economist, Geordan Murray.
Housing finance data confirms fewer first-home buyers
ABS housing finance data shows that lending to owner occupiers has fallen for two consecutive months, while lending to investors has risen for four months in a row.