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Falling Approvals Shatter Housing Targets

The Australian government’s National Housing Accord, launched on 1 July 2024, set a goal of delivering 1.2 million new dwellings within five years. ABS data show that after the first 15 months, about 81,000 homes—27 % of the target—remain unbuilt, creating a sizable shortfall. The deficit is most acute in New South Wales and Queensland, where approvals have already slipped. A 0.1 % month‑on‑month decline in January approvals signals a further slowdown, threatening the Accord’s core objectives and its projected GDP contribution.