Federal budget: Government’s $91m tradie plan only ‘modest’ boost for home building

The federal government’s $91 million investment to boost the number of skilled construction workers will only give minor stimulus to a housing sector challenged by soaring demand, economists and industry leaders say.

It was also not clear how quickly the extra workers would be able to get up to speed and play a meaningful role in tackling the Albanese government’s target of 240,000 homes a year, on average, for the next five years.“Despite a sizeable workforce of 1.35 million Australians, the industry has an annual exit rate of 8 per cent, and we are only replacing half of those people per year,” said Master Builders Australia chief executive Denita Wawn.

“The Parkinson Migration Review found skills assessments or qualification recognition can take up to 18 months and cost nearly $10,000; time and money people simply don’t have in this economic climate.” “Only 1.8 per cent of our skilled migrant intake has been comprised of new construction workers over the past two decades, falling significantly short of what we need.”

Source: Real Estate Daily Report (realestatedailyreport.net)

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