Government faces a ‘serious problem' as Australian housing approvals near 12-year low

"Sky News Business Reporter Ed Boyd says the government is facing a “serious problem” as building approvals are near a 12-year low.

Mr Boyd’s remarks come as the February building approvals numbers will be released on Thursday; it follows as housing construction is currently at its lowest level since 2012.

“This is a serious problem for the government because remember, from the first of July, they’ve got the target to build 1.2 million homes over five years,” Mr Boyd said.

“That equates to about 20,000 new homes construction starts needs to begin every month; right now, we're at about 12,000 per month.

“So, we're 8,000 under the target the government is setting, and they want it to begin from the first of July.

“So the building industry needs to pick things up.”"