Residential Engineering

Election Results effect on the Housing Industry

Election Results effect on the Housing Industry

After a tiresome election campaign and a nail-biting day at the polls, the Coalition has come out victorious. The Liberals will hold Parliament for another three years with Scott Morrison leading the way.

Many promises were made before the election and with the results finally in, we now know what the future holds for the housing and construction industry.

Two of the main issues facing housing and construction are the issue of housing supply and affordability, and support for the future stability of the industry, with fears of an ageing workforce and ‘union lawlessness’ could pose future issues in the construction industry. We stand by our Industry bodies HIA and Master Builders Australia, as they both share these concerns in their policy agenda, but fortunately, Liberal has a plan of attack for these issues.

Through the implementation of the First Home Loan Buyers Scheme and investing $1billion in local infrastructure, the Liberal government is opening pathways for first home buyers to break into the housing market years earlier than they would previously anticipated. This, accompanied with the release of suitable Commonwealth land for housing development, is aimed at driving economic activity in the falling building industry as well as comfort fears felt by Australians trying to break into the market (75% of Australians say home ownership feels more difficult than 10 years ago).

The Liberal government is also planning on securing future stability of the construction industry through the creation of 80 000 new apprentice jobs through incentive payments for employers and apprentices. To also better regulate the industry and reduce the amount of union strike days, the government is planning on reintroducing the controversial Australian Building and Construction Commission. Whether or not this will be successful or even pass Senate is left to be seen.

As we have witnessed from previous governments, consistency is somewhat of an issue in Australian politics, but in the dawn of a people elected Parliament, the future is yet to be seen.

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