Home Builder Extension Giant Leap Toward Economic Recovery

by | Nov 30, 2020

The Government’s extension of HomeBuilder shows its ironclad determination to achieve economic recovery,” Master Builders Australia Chief Executive Officer, Denita Wawn said recently. 

“The Morrison Government knows all too well that a strong building industry means a strong economy. That is why they are making our industry the accelerators of recovery and why they are backing in more than 360,000 home builder and tradie businesses with this announcement,” she said. 

“Extending HomeBuilder is a giant leap forward towards economic recovery. It will generate billions in economic activity, help save thousands of builder and tradie businesses from going under and protect thousands more jobs in the building supply chain.” 

“Master Builders has been calling for HomeBuilder to be extended for months. Our forecasts show that despite the hugely positive impact of HomeBuilder Mark I, the housing sector still faces a devastatingly steep decline putting thousands of businesses and jobs in jeopardy. We particularly recognise the efforts of the Assistant Treasurer and Minister for Housing who has been an unceasing advocate for our industry and game-changing effectiveness of the HomeBuilder,” Ms Wawn said. 

The decision will also help create a pipeline of work for commercial construction businesses that build high rise apartments and other medium density dwellings, Ms Wawn said.

“Our forecasts show that their forward work is about to fall off a cliff with apartment construction activity facing a massive 40 per cent drop. The HomeBuilder grants are also the leg up that thousands of Aussies need to help them overcome the daunting deposit gap and get themselves into the housing market,” she said. 

“We know that owning your own home is one of the most effective ways for people to build household wealth to provide financial security during their working lives and their retirement. So, extending HomeBuilder also provides huge long-term benefits,” Ms Wawn said.