There are fears Australia's economy is on a knife-edge as the country faces its toughest conditions since the recession of 1990. 9News
Smith said renters would also be squeezed with less money in the construction market.
"This is an issue of supply and demand, but private dwelling investment is forecast to fall rather than increase through 2023, before recovering only modestly in 2024," Smith said. "Construction is expected to commence on significantly fewer houses and apartments compared to previous years – in fact, Deloitte Access Economics expects that 2023 will see construction commence on the fewest dwellings in more than a decade and almost 70,000 below the level commencements recorded in 2021.
"On these numbers, new housing supply would just barely keep pace with population growth, let alone ease what is a critical undersupply. "In short, we are building far too few dwellings and, with a myriad of supply-side challenges unresolved, that is unlikely to change in the near term."Deloitte has revised down expectations for Australian economic growth in calendar years 2023 and 2024 to just 1.5 per cent and 1.2 per cent respectively.to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
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