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3w ago

Labor's Housing Target Faces Major Delays as Construction Lags Behind Ambitious Goals

New ABS data shows a shortfall of 30,000 homes after six months, fueling political and industry debates over the feasibility of building 1.2 million dwellings in five years.

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Labor and the Coalition are offering quite different housing policies this election, but economists warn most of the scheme will push up house prices. Jason Edwards / NewsWire

Overview

  • The Australian Labor government's goal of constructing 1.2 million new homes by mid-2029 is already behind schedule, with 90,136 homes completed in the first six months—30,000 short of the target pace.
  • Housing Minister Clare O’Neil defended the 'bold and ambitious' target, emphasizing the need for high national ambition to address Australia's deepening housing crisis.
  • Opposition shadow housing minister Michael Sukkar criticized the feasibility of the target, linking unaffordable housing to broader policy failures and declining to commit the Coalition to a similar goal.
  • Construction industry leader Denita Wawn highlighted supply constraints, regulatory barriers, and a lack of shovel-ready land as critical challenges to meeting the target and easing housing costs.
  • Historical data underscores the difficulty of achieving the target, as Australia has never built 240,000 homes annually, the pace required to meet the five-year goal.