2011 Construction Outlook Breakfast. Victorian Economic Update - Melbourne Construction Outlook Breakfast Kim Wells MP, Treasurer of Victoria 27July 2011.

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Presentation transcript:

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

Victoria remains the national leader in terms of building approvals Source: Australian Bureau of Statistics

Also reflected in dwelling commencements Source: Australian Bureau of Statistics

Victoria’s strong home-building performance expected to continue Source: HIA Economics, October 2011

House prices continue to be flat in recent quarters Sources: Australian Bureau of Statistics, Real Estate Institute of Victoria and RP-Data-Rismark All figures in per cent terms ABSREIVRP-RISMARK June September December (revised) March (revised) June

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 Source: Australian Bureau of Statistics

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 All units in per cent ActualForecast Real GSP Employment2.83.5*1.75 Unemployment rate5.55.1* Consumer price index2.13.3* Wage price index**2.83.8* Population Budget projections Source: Australian Bureau of Statistics, Department of Treasury and Finance *Labour market, consumer price index and wage price index data are actual outcomes for **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

Housing Initiatives

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 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 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 Breakfast Kim Wells MP, Treasurer of Victoria 27July 2011

Overview & Analysis of the Australian Construction Industry Rob Wild Cordell Information CEO

Number of projects Value of projects ($bn)

Number of projects Value of projects ($bn)

Number of projects Value of projects ($bn)

Number of projects Value of projects ($bn)

Planning 20% In summary for Australia – 10/11 v’s 09/10: Construction 20% Deferred 10% Abandoned 55% Overall, Vic looking pretty good!

The Housing 100 For 2010/11 Graham Wolfe HIA Chief Executive Association

HIA-COLORBOND ® steel Housing 100 – 2010/11

2011 Construction Outlook Breakfast