SA experiences huge drops in housing approvals

South Australia has experienced a significant drop in the number of housing and dwelling unit approvals over the past 12 months, according to the latest ABS data.

The number of houses approved in May 2015 dropped by 14 per cent compared to the previous month and dropped by 19 per cent compared to the same time 12 months ago.

 

The number of dwelling units dropped by almost 10 per cent in May 2015 and dropped by a whopping 18.5 per cent compared to the same time 12 months ago.

 

“This is another blow to the South Australian construction industry, following on from recent news that Adelaide company, Tagara Builders, has gone into administration,” said Shadow Treasurer Rob Lucas.

 

“Despite successive decreases in official interest rates, South Australia’s residential construction sector continues to contract and lag behind other states.

 

“Sadly, Labor’s failure to deliver a credible jobs plan in the recent State Budget will do nothing to help improve confidence in this industry.

 

“The Budget, which was supposedly a jobs budget, is only predicting one percent employment growth in South Australia, which is the worst of all the mainland states.

 

“South Australian businesses need tax relief right now, not in a few years as outlined by Treasurer Koutsantonis.”