Australia politics live: Bragg to outline Coalition plans to heavily cut net migration and shred 96% of house construction code
Summary
The Australian Coalition plans to reduce net overseas migration to under 180,000 per year and drastically simplify the national housing construction code. The goal is to increase housing supply and make it easier to build affordable homes. The government says it will streamline the code soon, focusing on modernizing building rules.Key Facts
- The Coalition wants to cut net overseas migration to below 180,000 annually by reducing family and student visas.
- Net overseas migration counts people entering Australia minus those leaving and is currently set at 185,000 per year.
- The Coalition aims to reduce migration to address a shortfall of 130,000 homes over four years.
- Shadow housing minister Andrew Bragg proposes cutting the 2,000-page construction code down to 80 pages for simpler building standards.
- The government has frozen the current construction code for four years and plans a new streamlined version later this year.
- Treasurer Jim Chalmers says the housing market’s recent slowdown is due to multiple reasons, not just tax changes.
- The Commonwealth Bank reported an $11 billion profit, helped by strong home and business lending despite a weak housing market.
- Personal loan repayments are becoming harder for some Australians, but home loan and credit card arrears remain low.
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