Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 29 March 1966

Mr McMAHON (LOWE, NEW SOUTH WALES) (Treasurer) - As I have pointed out to the House on more than one occasion, the Government and the Reserve Bank induced the savings banks to make available a further $24 million towards the end of last year for private housing construction and within the course of the last ten days $15 million of loan funds have been approved by the Commonwealth to be spent on the public sector of housing. We have made it clear that it is a little too early yet for the full impact of these stimuli to become apparent. However, I am able to state that today the figures will be made available by the Government Statistician and they will show that there has been a big improvement in the number of approvals as compared with the situation in the last few months.

In other words, the number of approvals for further dwellings for February will be well over 7,600, which is close to the record number approved in 1965 - it is only 6 per cent, less - and is 1 per cent, more than the large number approved in 1964. If we consider the number of homes - not flats and other units - we find that approvals for private houses increased last month by 5 per cent, over the number for February 1965. So we find that the fall has been in flats and home units which already have a saturated market. As I have said, the impact of the Government's measures has not yet been fully effective and we can expect that for this month and in the months to come we will find a substantial improvement in the number of approvals and, finally, in the number of commencements and in the impact that these will have throughout the building industry as a whole.

Suggest corrections