Master Builders Australia has raised concerns on supply issues down the track in light of the latest National Accounts.
Master Builders CEO Denita Wawn said an increase in gross domestic product of 0.6 per cent in the September quarter, paired with an overall increase of 5.9 per cent YTD was driven by household spending and consumption.
“These figures are showing a return to pre-pandemic levels and have helped offset some global challenges,” she said.
“But signs of economic weakening are starting to emerge.
“We must not be complacent in addressing some of the systemic challenges on the supply-side which continue to ripple through the economy and will have realised impacts over the coming months.
“While there are signs of easing in some materials and labour constraints that have increased the cost of goods and services for consumers, more can be done to put downward pressure on costs and improve productivity.”
Given the large impact the building and construction industry has on the overall Australian economy, Wawn was adamant that ‘unnecessary regulation acts not get in the way of repairing it post-COVID.
“Today’s figures show that the volume of residential building is now 3.9 per cent lower than a year ago,” she said.
“However, the non-residential component of building and construction continues to grow solidly as more infrastructure projects get rolled out.
“Unnecessary regulation acts to the detriment of economic productivity. For the building and construction industry, the lack of stability and uniformity across the states when it comes to regulation is a major challenge.”
For more information, visit masterbuilders.com.au/Home