While the government has committed to increasing housing stock, construction industry headwinds and fast population growth may hamper plans to provide a prompt solution to the housing crisis.
In last year's budget, the Government announced it would subsidise the construction of one million new homes in five years to build up the level of dwellings to meet the growing population and ease the housing crisis.
Further initiatives to increase housing stock were also announced in this year's budget, including an added incentive that could stimulate the build-to-rent sector in Australia and increase new rental properties by 150,000 over the next 10 years.
However, a record pipeline of construction work yet to start, driven by the increased cost of materials and labour could delay the construction of future developments.
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