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Building approvals for August show 10 percent drop for years



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LIBERAL

Wilson TuckeyMP MEMBER EOR O'CONNOR

SNA DON MXNTSTER EOR' NONSTNG AND SMALL BESTNESS

ΒΤΙΤΤ.ηΤΝΟ APPROVALS FDR AUGUST SHOW 10 PERCENT DROP FOR YEAR

Latest figures on building approvals released today by the ABS show that, despite an increase between July and August 1989 in approvals for private sector housing units, there was

a 10% decrease over the last 12 months, Wilson Tuckey, Shadow Minister for Housing and Small Business said today.

In seasonally adjusted terms the total number of dwelling units approved in August 1989 dropped 2.8% from July and the total value of buildings approved dropped 6.8% from $2,085m (July 1989 ) to $1,943m in August 1989.

The ABS indicated that their trend estimates for the private sector houses and total dwelling units are continuing to show a steep decline over the last few months.

Total housing unit approvals are still down approximately 2000 on the June 1989 figures and nearly 3000 down on the May 1989 figures. Total building unit approvals are nearly 4000 down on the May 1989 figures. -

In the current situation dwelling approvals are running at an annual rate of well below the "record" 175,000 last financial year with estimated drop in the vicinity of around a 20% for 1989/90 financial year.

Statistics clearly show, that when comparing the last 7 years of the Fraser Government with the 7 years of the Labor Government, housing starts per thousand head of population are 9.2 under Fraser and 8.5 under Hawke.

This clearly puts paid to the myth being generated by Labor Members that they have been instrumental in achieving so called record dwelling approvals during their term of office.

Approvals will continue to decline while this Government ignores calls for it to change their economic policy direction to alternatives available such as labour market reform and privatisation.

While these figures continue to be bad news for the building construction industry, any move upwards in building approvals still does nothing for those homeowners trapped in to existing flexible interest loans and who have suffered housing loan repayment increases of up to $160 per month over the last 12 months.

Canberra: 3rd October 1989

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH

FOR ENQUIRIES PLEASE CONTACT: Nil son Tuckey MP - (062)77.4171/3 fbj or (09)325.4077 /bj (09)277.3076 [p]

Norm Haywood - (062)77.4171/3 fbj or (09)325.4077 (bj (09)344.4021 (pj