Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Housing finance figures drop again



Download PDFDownload PDF

HOUSING FINANCE FIGURES DROP AGAIN

The housing finance figures released today cast serious doubts again on Treasurer Keating's prediction of a definitive recovery this year.

The figures, from the Bureau of Statistics, show the number of dwellings for which finance was committed in February fell by one per cent (seasonally adjusted).

The trend estimate for the number of dwelling units continues to decline-for the eighth consecutive month.

These figures cast a shadow over Mr Keating's confident

predictions.

They show, at best, the outlook is uncertain.

In the lead up to his leadership challenge, Mr Keating has been trying to convince anyone who will listen that a recovery is just around the corner.

Indeed, only a few weeks ago, he told us the recovery was coming through NOW!

The Treasurer's rhetoric doesn't match the statistics, and it ignores the apparent rift between the Reserve Bank and the Treasury over the timing of a recovery.

The Opposition understands that the Reserve Bank has advised the Government that there will be no recovery this calendar year, and that unemployment will climb higher than 10 per cent.

This contrasts sharply with the outlook Mr Keating prefers to listen to from Treasury.

Mr Keating was the last person to utter the word "Recession", but he's been the first to try to convince people a "Recovery" is on

The Treasurer's confident predictions lack definitive support from the statistics, and he has failed to introduce the policy changes that will ensure a sustained recovery.

CANBERRA

the way

22 April 1991 Contact: 06 277 4277 D50/91