A boost in the homebuilding industry will be needed to support Australia's economic growth and stability amidst the coronavirus shock, said a housing industry market expert Association (HIA).
Kristin Brookfield, Director General of Industrial Policy at HIA, said that the residential construction industry should remain one of the priorities of the Australian government when considering ways to stimulate Economy.
"Australia is emerging from a slowdown in residential construction, and in the face of the coronavirus shock, stability and clear direction to ensure that the housing market does not shrink is essential", a- she declared.
Brookfield said the guarantee of a stable residential construction sector will help build confidence in the industry and in consumers.
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The construction industry contributed $ 105 billion to the Australian economy in 2018 and accounted for 5.8% of overall spending. A previous HIA study said that while the industry experienced its sharpest decline early in the past year, the market already reached a turning point in late 2019 due to rate cuts. Interest and increases in housing prices.
Nevertheless, construction growth should be modest compared to previous summits.
Brookfield said it is essential that state and federal governments stimulate activity in the residential construction industry to be able to support other industries.
"Stimulating residential construction was a key part of the response to the global financial crisis of 2009 and the results were then very positive. Residential construction activity also supported a series of other industries important to our economy, such as manufacturing construction products, to remain stable, "she said.
The industry employs 1.1 million people, which highlights the need to maintain a strong workforce in the industry.
"Any stimulus aimed at the residential construction sector should focus on maintaining the current workforce and ensuring that young people see the possibility of embarking on a career in construction and take on new learning, "said Brookfield.
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