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October 2022 saw the launch of the ambitious National Housing Accord which aims to deliver 1.2 million new homes across Australia over the five years up to June 2029. It is commendable that such a high bar has been set – never before has such a large volume of new homes been delivered over any five-year period on record. The government must be praised for aiming high.
When it comes to the Accord, the Government’s ambition is backed up with an impressive armoury of tailor-made programs which are designed to enhance our chances of delivering enough of the new homes that we need. Yet forecasts indicate that we will fall short of the Government’s target. We are already 60,000 home short which means, year on year we now need to build an impressive 255,000 to reach the Governments goal.
This is why the 2026/27 budget is so important; while the government must heed current economic conditions and adopt policy measures to respond to that, the delivery of not only the Housing Accord target but an unprecedented infrastructure pipeline must be supported by targeted budgetary measures to improve housing affordability.
Productivity across the economy must be improved. To have any chance of meeting the Housing Accord target building and construction industry productivity needs to recover to where it was a decade ago.
A stronger building and construction industry means a stronger Australia. Every $1 million worth of building activity supports around $3 million in activity across the economy. A viable building and construction industry over the long term is crucial to economic growth.
This is why Master Builders Australia has five key asks from the 2026/27 budget. These key asks focus government policy on achieving the Housing Accord target and improving productivity on a long term and sustainable basis.