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Home Ownership



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MS,

FEDERAL PRESIDENT: MR. R.J. SOUTHEY, C.M.G.

ΓΗΕ LIBERAL PARTY OF AUSTRALIA FEDERAL SECRETARIAT

BLACKALL & MACQUARIE STS., BARTON. A.C.T. G.P.O. BOX 13, CANBERRA, A.C.T. 2600- TELEPHONE 73 2564 TELEGRAMS "FEDLIB" CANBERRA

STATEMENT BY THE HON. J.E. McLEAY, M.P. SHADOW MINISTER FOR HOUSING AND CONSTRUCTION

It is now obvious that the Government's commitment to a home ownership policy is false. .

On Monday, the Prime Minister, speaking at the BWIC Conference, used five month old statistics to say that "the housing industry is over-stretched.... It would serve no worthwhile purpose to increase the supply of housing finance.... "

How ill-informed can the Prime Minister be? .

The housing industry is at the point of destruction and house building is grinding to a halt.

Official June figures published today revealed that loan approvals, for both lived-in and new.homes have dropped by more than 50%. Housing materials are up by nearly 20%, and the escalation of building costs for the June quarter was over $120 per week for a modest house.

N.S.W. builders are getting out of the industry, "because of the drastic slump in home construction", and fourteen large Victorian building companies have been forced into liquidation since January.

The industry in South Australia is "in severe decline because people cannot afford to buy housing", and in Queensland the industry anticipates retrenchments of more than half the home building work force before Christmas.

The Government is presiding over the demise of the home building industry.... home ownership is how only for the elite and even the building of homes for aged persons is about to cease.

The Government has allowed raging inflation to preclude the vast majority of Australians from ever owning their own homes.

Wages/costs inflation combined with high interest rates denies the truth of the Government's claim to support a home ownership policy. . .

The Government must work to restore the authority of the arbitration system and stop selling out to militant union bosses whose professed intention is to run the country.

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AUGUST 7, 1974. · ; .