Australia is facing a significant housing shortage, impacting first-time homeowners and migrants while driving up property prices, according to CEOs of National Australia Bank (NAB, Financial) and Westpac Banking Corp (WBC, Financial). Both leaders emphasize the urgent need for faster approval processes to increase housing construction amidst rising migration and dwindling affordability.
During the AFR Banking Summit in Sydney, Westpac CEO Peter King expressed optimism about the housing market, underlining the basic need for more housing development. He pointed out that the constrained supply in the market is likely to push prices higher, though he acknowledged the growing concern over housing affordability from a societal viewpoint.
NAB CEO Ross McEwan highlighted the country's dependency on migrants to address skill shortages across various sectors. He stressed the importance of removing barriers to construction and accelerating the building process to meet the increasing demand for housing.
