COVID-19 devastates housing industry

An economic modelling released by Master Builders Australia has shown that up to 43,000 new homes will not be built this year, due to the coronavirus pandemic.

CEO of Master Builders Australia, Denita Wawn, says the new modelling conducted by Master Builders Australia shows the devastating impact the lockdown of the economy is having on the building industry.

“In the light of the economic impact being wrought by COVID-19, we have now revised our previous industry forecast which was released in February this year,” she says.

“While we obviously did not expect good news, the scope and depth of the potential damage to our industry and the economy is devastating.”

Master Builders Australia originally forecasted that there would be approximately 159,000 new housing commencements in 2020/21.

That has now dropped to 116,000 – a hefty 27 per cent decrease.

Wawn warns that there is already a current shortfall in achieving the required target of 200,000 homes a year, meaning that the impact on housing needs in the community will be severe.

Master Builders is working with the state and federal governments to advance a range of stimulus measures.

But Wawn says the industry can’t afford to wait months.

She says that the building industry is the nation’s third largest industry and the largest provider of full-time jobs in Australia.

“If governments do not act to support us now then the battle against the COVID-19 economic emergency could be lost,” she says.

“We want the building and construction industry to be in shape to rebuild Australia.

“For that we need governments to act now.”

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