In Business

South Australia Shadow Treasurer Iain Evans

SA Housing Finance Still In Decline

Victor P Taffa

The number of South Australian housing finance commitments remains in decline, despite the State Government extending the Housing Construction Grant in the May 2012 budget.

The ABS figures released today show:

  • For the month of November, South Australia recorded a 6 % decline this is the worst result of all states.
  • For the 3 months to the end of November, South Australia was the only state to record a decline which was 2.1 %.
  • For the 12 months to the end of November, South Australia was the only mainland state to record a decline which was 0.6 %.

Furthermore, trend figures show that in November, South Australia recorded the lowest monthly number of housing commitments since 1998 that’s the worst performance in 14 years.

These housing figures come on top of building approval figures released last week that show that for the month of November there was a 13.8 % fall the worst result in the nation.

For the 12 months until the end of November, the decline was 17.5 % the worst on the mainland.

“Treasurer Snelling needs to explain why South Australia is performing so badly compared to the rest of Australia.” Shadow Treasurer Iain Evans said.

“Labor’s high debt, high tax model is hurting the building industry as people don’t have the confidence to invest.” Mr. Evans said.

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