Australia’s dwelling construction is already running well behind the Albanese government’s 1.2 million five-year target, as set out in the National Housing Accord. The target requires a construction run rate of 240,000 homes annually – a level of dwelling construction that Australia has never achieved before. AdvertisementIn fact, over the first 21 months of the National Housing Accord, 112,400 fewer homes have been constructed than the target, representing a 27% shortfall. AdvertisementThe reality is that the construction pipeline in Australia is severely bottlenecked, negatively impacted by soaring costs, labour shortages, builder insolvencies, and timeline blowouts. The upshot is that, with costs rising in the construction sector, the likelihood of boosting housing construction to meet the government’s lofty (read: unrealistic) targets has taken another hit.