New data from the Australian Bureau of Statistics has confirmed the number of loans provided for the purchase or construction of new homes has fallen to their lowest levels since the Global Financial Crisis in 2008.
The downward spiral of home ownership under the Albanese Government continues to gain momentum and on key housing measures we are seeing decade lows with conditions only getting worse under this Labor Government.
The number of first home buyers remain at their lowest since the Gillard Government, new house approvals dropping down 15.8 per cent compared to August last year, and new house starts in 2024 forecast to hit their lowest level since 2012.
Despite all of this, Labor still plans to bring 1.5 million migrants to Australia over the next five years, while so many Australians are already struggling to enter the housing market with ever-increasing supply shortages.
The abject failure of the Labor Government in the housing sector is clear to see.
Labor has abandoned aspiration and homeownership, giving up on a generation of young Australians.
Instead, this Government would rather focus on its divisive Voice Referendum, break the promises it took to the election and plot its next political stunt.
This latest data from the ABS is evidence that the Albanese Government is simply out of its depth.