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Home Building Industry on Verge of Collapse

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Tiie Hon. J.E. McLeay, M.P „ Member for B oothtn Spokesman on Housing and Construction 7

CANBERR A ._A„._C._T. 2.9 October T 97,4

Speaking in the Estimates Debate on Housing

today Mr McLeay (the Opposition Spokesman on Housing and

Construction) said that the home building industry in Australia

is at the verge of collapse.

In 1972, 156,000 dwellings were commenced,

rising in 1 9 7 3 to 1 7 6 ,0 0 0 .

This year commencements will drop to 142,000,

but the real annual rate reflecting the depressed state of the

building industry will be less than 1 3 0 , 0 0 0 dwellings.

45% and the Co-operative Permanent Building Societies expect to

finance only 1 5 , 0 0 0 homes next year, a reduction in the annual

rate of 60,000 dwellings since Labor came into office.

policy,by this time next year Australia will almost certainly

be 7 0 ,000—80,000 dwellings short of its minimum requirements to

house its population.

cut both direct and indirect taxation ..... it must significantly

control Government spending - such empire-building and .

unnecessary schemes as the Australian Housing Corporation costing.

$25 Million should be abandoned. Australia needs this sort of

public spending like it needs a hole in the head.

Loan approvals by the Savings Banks are down

If there is no immediate change in Government

The Government must reduce interest rates and