Australia to fall 300,000 homes short of Albanese’s target

Labor’s target of 1.2 million new homes in the next five years has been shot down by its handpicked national council which forecasts a shortfall of nearly 300,000 homes, aggravating existing shortages and affordability problems.

The private market will supply 903,000 new homes in the years leading up 2029, according to the National Housing Supply and Affordability Council, led by former Mirvac chief executive Susan Lloyd-Hurwitz.