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  • 29 Jul 2016

Australian Housing Industry a Standout Economic Performer

Politicians would be wise not to ignore Australia's housing industry, as it has been the country's standout economic performer over the past three years, says the Housing Industry Association (HIA).

According to HIA Chief Executive - Industry Policy and Media, Graham Wolfe, Government failure to support and promote strong and sustained new housing activity would present an unnecessarily high risk-consequence for Australia.

"Whether we measure its performance by output, taxes paid, job's growth or size, the residential building industry has provided the adrenalin shot sorely needed across the national economy," warned Mr Wolfe.

"The residential building industry provides a job for over one million Australians, supports over 350,000 businesses, contributes over $160 billion to the Australian economy and builds new homes for more than 350,000 people, every year, to house Australia's growing population.

"Importantly, the industry hands over $77 billion in taxes to Australian governments. In fact, one dollar of every six dollars in taxes collected by all three levels of government comes through the residential building industry.

"Governments at all levels receive a substantial proportion of their revenue from the industry, and if activity drops, so too does government revenue."

Mr Wolfe said political leaders must acknowledge the linkages between strong housing activity and the benefits that flow through to our national economy, government revenue, housing affordability, jobs, and the community more broadly.

Housing Australians, HIA's Federal Election Policy Imperatives, provided the blueprint for Government to develop and deliver a comprehensive and meaningful suite of goals, programs and action plans to promote strong and sustainable housing activity and new housing supply.