Housing stimulus urgently needed to prevent local building industry crisis

Over recent weeks Master Builders ACT has been calling on the ACT Government to support a renovations rescue package and new homeowner grant which will provide a lifeline to the local housing sector.

Master Builders ACT CEO, Michael Hopkins said, “Master Builders ACT welcomes reports that the Federal Government is responding to our calls, however it’s important that the ACT Government support these initiatives to maximise the benefits of the proposed housing stimulus package.”

“Following the release of the proposed housing stimulus package from Master Builders last week, the Master Builders ACT office has been responding to a massive influx of calls from consumers,” he said.

Mr Hopkins said, “Many of these consumers want to know more about how they can engage a licensed builder or qualified trade contractor for their next project if the proposed stimulus package is implemented by national and local Governments.”

“We’re calling on the ACT Government to provide the necessary urgent stimulus to ensure the livelihoods of around 20,000 ACT construction workers,” he said.

Mr Hopkins said, “Our calls to Government follow economic modelling undertaken by EY which indicates that Master Builder’s proposed package of stimulus for the building and construction industry would have major benefits for the ACT economy including the creation of 1,890 jobs across the ACT labour market and an additional 493 new homes being built across the territory.”

“Measures announced must ensure that building activity commences on the ground immediately so that the impact to ACT’s second largest private sector industry is lessened,” he said.

Mr Hopkins said, “Recently released ABS data reveals that building approvals for single dwellings were down 23% from April to May. This is a clear indication of what is to come if urgent stimulus measures and a future pipeline of work for residential builders is not implemented quickly.”

ENDS
Further details of the modelling undertaken by EY can be found here.