New data released today shows home builders as the key drivers of the nation’s COVID-19 recovery, helped by the success of the Federal Government’s HomeBuilder scheme in driving economic recovery.
Treasury data shows the $25,000 HomeBuilder grants grants tripling by the end of December, taking the expected number of new builds from 27,000 to beyond 75,000.
“It’s even more proof that a stronger building industry means a stronger economy,” says Denita Wawn, CEO of Master Builders Australia.
“HomeBuilder has been the star in the Government’s economic recovery plan since it was announced in June last year along with measures such as JobKeeper,” she says.
“HomeBuilder will support $18 billion in new home construction and $50 billion in economic activity across the wider economy,” says Wawn.
“The surge in new home construction being driven by HomeBuilder has averted the valley of death that was confronting residential builders and tradies due to the pandemic,” she says.
“Without HomeBuilder thousands of small builder and tradie businesses would have gone under and hundreds of thousands of jobs would have been lost.”
“The success of HomeBuilder also demonstrates that measures that support people to overcome the deposit gap is a game-changer in making homeownership available to more Australians,” she says.