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2011. Construction Outlook. Breakfast. Victorian Economic Update - Melbourne Construction Outlook Breakfast. Kim Wells MP, Treasurer of Victoria. 27July 2011. Strong population growth…. Source: Australian Bureau of Statistics.

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2011

Construction Outlook

Breakfast

victorian economic update melbourne construction outlook breakfast

Victorian Economic Update - Melbourne Construction Outlook Breakfast

Kim Wells MP, Treasurer of Victoria

27July 2011

strong population growth
Strong population growth…

Source: Australian Bureau of Statistics

victoria remains the national leader in terms of building approvals
Victoria remains the national leader in terms of building approvals

Source: Australian Bureau of Statistics

also reflected in dwelling commencements
Also reflected in dwelling commencements

Source: Australian Bureau of Statistics

victoria s strong home building performance expected to continue
Victoria’s strong home-building performance expected to continue

Source: HIA Economics, October 2011

house prices continue to be flat in recent quarters
House prices continue to be flat in recent quarters

Sources: Australian Bureau of Statistics, Real Estate Institute of Victoria and RP-Data-Rismark

recent volatility in the aud has led it to fall slightly below parity
Recent volatility in the AUD has led it to fall slightly below parity

Source: Reserve Bank of Australia, as at 30 September 2011

victoria now has a much more robust and diversified economy and remains resilient
Victoria now has a much more robust and diversified economy and remains resilient

Source: Australian Bureau of Statistics

while the residential sector is flat the non residential sector is improving modestly
While the residential sector is flat, the non-residential sector is improving modestly

*Year-on-year growth (3 month rolling sum) Source: Australian Bureau of Statistics

victorian economic projections
Victorian economic projections

2011-12 Budget projections

*Labour market, consumer price index and wage price index data are actual outcomes for 2010-11

**Covers private and public sector wage rates. Incorporates nominal wage increases for labour of unchanged quality, plus some productivity improvements which cannot be fully measured

Source: Australian Bureau of Statistics, Department of Treasury and Finance

housing initiatives1
Housing initiatives
  • Government action addressing housing affordability:
  • Land transfer duty for first home buyers was cut by 20 per cent on 1 July 2011
  • First Home Bonus and Regional Bonus extended until 30 June 2012
  • The pensioner and concession card holder stamp duty concession threshold was increased from $440,000 to $750,000, and eligibility extended to holders of a Commonwealth Seniors Health Card
  • Stamp duty exemption for young farmers purchasing their first farmland valued up to $300,000
  • These initiatives have already benefited approximately 3,200 Victorian families since taking effect on 1 July 2011.
planning reforms1
Planning Reforms
  • Overarching Metropolitan Planning Strategy
  • New outcomes-based Metropolitan Planning Strategy to manage Melbourne’s growth into the future
  • Streamlining Planning Processes
  • Ministerial Advisory Committee to review the Victorian planning system and recommend improvements
planning reforms2
Planning Reforms
  • Growth Areas
  • GAIC – deferment and works-in-kind
  • Provide development-ready land
  • Process for Logical Inclusions to the UGB
  • Urban Renewal
  • Established the Urban Renewal Authority to focus on strategic development sites
  • Facilitating other key urban renewal projects
victorian economic update melbourne construction outlook breakfast1

Victorian Economic Update - Melbourne Construction Outlook Breakfast

Kim Wells MP, Treasurer of Victoria

27July 2011

projects in planning national
Projects in Planning - National

Number

of

projects

Value

of

projects ($bn)

billions of projects in planning construction types national
$(Billions) of Projects in Planning – Construction Types – National
projects in construction national
Projects in Construction - National

Number

of

projects

Value

of

projects ($bn)

billions of projects in construction construction types national
$(Billions) of Projects in Construction – Construction Types – National
deferred projects national
Deferred Projects - National

Number

of

projects

Value

of

projects ($bn)

abandoned projects national
Abandoned Projects - National

Number

of

projects

Value

of

projects ($bn)

slide85

In summary for Australia – 10/11 v’s 09/10:

Planning20%

Construction20%

Deferred10%

Abandoned55%

Overall, Vic looking pretty good!

slide86

The Housing 100

  • For 2010/11
  • Graham Wolfe
  • HIA Chief Executive Association
slide100

2011

Construction Outlook

Breakfast

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