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Caution on housing figures urged



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Media Release G e o ff P rosser M.P. FEDERAL MEMBER FOR FORREST

Shadow Minister for Small Business, Housing and Customs.

CAUTION ON HOUSING FIGURES URGED

The latest rise in building approval figures should be treated with caution, the Federal Opposition said.

Building approvals for July, released today by the Australian Bureau of Statistics, show an increase of 17.8% to 12,024, seasonally adjusted.

According to the Shadow Minster for Housing, Geoff Prosser, a significant proportion of this increase was to be expected after a 10% fall in approvals in June.

'There is still no sustained upswing evident in the building approval figures. Indeed, they appear to be riding a pattern of on-going peaks and troughs."

Mr Prosser said that the figures did not give cause for optimism of a sustained recovery in housing.

'The Treasurer has just delivered a very flat Budget which was void of economic policy. It did nothing to encourage growth in consumer confidence nor to provide for significant falls in real interest rates.

"In addition, the Budget predicted continuing high and growing unemployment - just on 1 million Australians will soon be out of work.

"These factors combined will dampen any potential demand for housing and stifle an on-going and sustainable housing recovery.

ends

30 August 1991 (PR2)

CONTACT: KAREN KUSCHERT (06) 277 4717

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