O'Farrell puts the brakes on NSW economy
New Australian Bureau of Statistics data shows NSW housing construction starts under the O'Farrell Government have plummeted to the lowest levels since records first began being kept.
In the March 2012 quarter, just 5,158 new homes were commenced in NSW – down 40 per cent on the previous year.
This is the lowest housing construction start for NSW since the record first began being kept – back in 1984.
"The O'Farrell Government has overseen the lowest housing construction starts in NSW since records first began being kept," Opposition Leader, John Robertson said today.
"Instead of boosting our economy, the O'Farrell Government's mismanagement has seen NSW suffer the worst housing construction starts in more than 28 years.
"NSW has suffered the worst slowdown in this quarter and the biggest slowdown on the same quarter last year of all the states.
"The Premier campaigned on boosting housing affordability and the construction industry, but instead we are seeing NSW housing construction starts plummeting to the lowest levels in 28 years.
"We need a government that will stimulate our housing industry and secure construction jobs, not oversee the worst housing construction starts in our State's history."
Shadow Treasurer Michael Daley said the O'Farrell Government's mismanagement was hurting NSW.
"With the government's planning review nowhere to be seen and holding up massive amounts of development, and changes to first home buyers benefits locking people out of the market, things are going backwards under Mr O'Farrell," he said.
"Last year, Mike Baird said new home starts would increase as a result of stripping benefits from first home buyers – but today we can see he has forced first home buyers out of the market and housing construction is at a new record low.
"Barry O'Farrell was elected on a promise to 'Make NSW Number 1 Again' – but so far he has been a major disappointment."
Tags: Barry O'Farrell, construction, economy, housing, John Robertson, Michael Daley