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Housing approval falloff - disastrous example of Keating's economic vacuum



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LIBERAL

Wilson Tuckey MPMEMBER FOR O 'CONNORSBADON MINISTER FOR NOOSING AND SMALL BUSINESS

HOUSING APPROVAT, FAT.T.OFF - DISASTROUS EXAMPT.E OF KEATTNG'S ECONOMIC VACUUM

The building Industry, Banks and the Coalition, have been warning Treasurer Keating that his economic "soft landing" was already subject to tail spin in the housing sector, Wilson Tuckey, Shadow Minister for Housing and Small Business said today.

"Reductions in home building starts were much more significant than his advisors and statisticians were informing him.

"Unfortunately the Treasurer lacks the wit to make these judgements personally as he continues with his Government's high interest rate policies.

"This is clearly evident in the latest Building Approvals, Australia, July 1989 statistics released by the Australian Bureau of Statistics today showing that housing approvals have slumped.

"The total number of dwelling units approved in July 1989 decreased markedly by a massive 21.8 percent over June 1989 from 15,360 units to 12,015 units.

"Since July 1988 the released figures show that (seasonally adjusted) private sector housing dwelling units have slumped substantially from 11,624 (July 1988) to 8,465 (July 1989) a drop of 3,159 or 27.2 percent.

"The approx. 3,000 drop in dwelling unit approvals in the last month is all represented by the decline in private housing approvals.

"The trend estimates for private sector houses and total dwelling units are now showing a steep decline over recent months, and although not yet reaching the disaster of 1986/87, todays figures are the bigge'st monthly decline since March 1977 and the lowest monthly figures since August 1987.

Wilson Tuckey said that "the figures released today support the decline in recent housing finance approvals and is a disaster for the home construction industry, yet the Treasurer's policies are also hurting those already committed to home ownership.

Canberra: 31st August 1989 COMMONWEALTH

PARLIAMENTARY LIBRARY M ICAH

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