South Australia housing a growing problem

The latest building approval data from the Australian Bureau Statistics shows a sustained decline in the number of dwellings approved in South Australia in the last 12 months.

During the last 12 months the total number of houses approved fell by a dangerous 9.6 per cent.

 

“The fact South Australians are building fewer homes is feeding our unemployment crisis,” said Shadow Treasurer Rob Lucas.

 

“The danger for the South Australian economy is that the rising unemployment rate and declining home building industry form a vicious circle each feeding the other.

 

“Considering that official interest rates are at record lows it is now evident that South Australia’s weak economy is retarding growth in key sectors.

 

“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.”