Sky News Political Reporter Cameron Reddin says the pressures on the construction industry are “immense” as Australia experiences a housing shortage.
Data compiled by the International Monetary Fund shows that after factoring in inflation, house prices across Australia have climbed by more than ten per cent since 2019 – among the highest in the world.
“The latest figures that we have, the cost of materials … are up 33 per cent in the past five years,” Mr Reddin said.
“It’s an incredibly difficult industry to make a buck in.
“The Master Builders Association, their latest numbers say you need about half a million more tradies to meet the government’s target of 1.2 million homes in the next five years – which is already behind schedule – looking more and more like a wish and a hope and a prayer by the day.”
Government’s housing target looking more like ‘a hope and a prayer’
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