Australians already know the Albanese government will fall far short of its promise to build 1.2 million homes over the next five years, and new ABS data released today has cemented this, revealing approvals for the construction of new dwellings dropped to a twelve-year-low in February.

Labor’s housing crisis is just getting worse. With 20,000 homes required per month to meet the 1.2 million homes promise, it’s clear the 12,520 construction approvals confirmed for February just won't cut it.

There is already so much evidence that Labor will not meet its 1.2 million homes promise by a mile, with an estimated shortfall of more than 400,000 dwellings, yet the Prime Minister continues to blatantly lie to Australians.

With first-home buyers at their lowest levels in over a decade, rents up by 26 per cent since Labor came to office, an extra $2,000 per month on an average mortgage, and now, overseas arrivals running at four times the pace of new home builds - Australians are being locked out of the housing market.

The Prime Minister must now wave the white flag and admit he’s broken another election promise and given up on home ownership.