‘Massive dwindle’ of private investment in property construction

Master Builders Australia Chief Executive Denita Wawn says there has been a “massive dwindle” of private investment in property construction. New modelling has revealed the federal government’s housing strategy will only produce around 8,000 extra homes as most of the gains have been erased by labour shortages and red tape. Industry groups believe it is becoming impossible to meet the government’s targets. The National Housing Accord aims to build 1.2 million new homes over five years, but without an urgent influx of labour and the cutting of red tape, the industry believes the target is out of reach. Ms Wawn told Sky News Australia that we have to “recharge” the private investment market.