It has been clear for some time that Australia is unlikely to come close to meeting the Albanese government’s goal of 1.2m new homes over the five years from last July.
The National Housing Supply and Affordability Council, set up late in 2023, expects “just under 1m homes” over that period – an estimate in line with bodies such as the Housing Industry Association. Approvals barely topped 160,000 last financial year, or just two-thirds of the government’s desired annual target.
