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October housing finance

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Media Release Geoff Prosser MJ>. FEDERAL MEMBER FOR FORREST

Shadow Minister for Small Business, Housing and Customs.

16 December 1992

October Housing Finance

Housing finance for owner occupation rose by 4.8% during October, a little below the economic commentators' predictions of 5.5%.

This increase is welcome news for the building and construction industry, especially given that it followed a fall of 5.5% in housing finance in September.

While housing activity has largely stabilised, there is obviously some volatility in monthly figures as consumers react to the prevailing economic conditions. For example, housing activity could be expected to drop off over November and December as consumers take in shock

record unemployment figures and following further falls in consumer confidence.

In spite of the increase in housing finance in October, there remains an urgent need for the government to take action to create jobs and restore security of employment. Only then will we see a sustainable

economic recovery.

ends Canberra