The latest figures released by the Australian Bureau of Statistics (ABS) shows a sharp decline in dwelling commencements in the March 2012 quarter, with the total dwelling rates down 12.6 per cent. The continued fall in the March quarter shows a 24.2 per cent contraction from the same time last year.

 

The Housing Industry Association says the declining rates signals the need for urgent Federal Government intervention.

 

"Carve through the current argy bargy about how strong or weak the Australian economy is and you find that new housing is unequivocally weak. That situation has significant implications for the wider domestic economy in 2012,” HIA Chief Economist Harley Dale said.

 

Dwelling commencements fell by 12.6 per cent in the March 2012 quarter, reflecting a 7.7 per cent decline in detached houses and a larger 21.1 per cent drop in 'other dwellings'.

 

The ABS findings can be found here

http://abs.gov.au/ausstats/abs@.nsf/mf/8750.0?OpenDocument