STATEMENT

11 November 2026

Labor's housing nightmare deepens as home lending collapses

There are zero winners from the housing taxes. Everyone loses. Renters, investors, first homeowners and owner occupiers are all suffering from Chalmers' idiotic tax hikes.

The latest ABS lending data shows the total value of new home loans fell by 15.5% in the September 2026 quarter. This is the largest fall on record since 2002.

The value of lending to owner occupiers was down by 5.3% in the quarter. And, even worse, lending to first home buyers was down by 8.0% by value. 

The total number of new home loans fell 15.0% to 111,878 in the September quarter. The number of loans to owner occupiers was down by 5.3% in the quarter. And the number of loans to first home buyers was down by 8.6%.

Compared to a year ago, the total number of new home loans is down by over 21 per cent; the number of loans to owner occupiers is down by 9.8 per cent, and down by a massive 12.3 per cent for first home buyers.

Shadow Treasurer Tim Wilson said:

“By design the Treasurer has crashed the housing market, stopped new builds and is sending rents soaring to feed his spending and tax addiction. Since Budget night home loans have fallen by over 21 per cent. That is tens of thousands of Australian families who wanted to own their own home being shut out by a Treasurer who laid tax landmines right across the housing market and is now watching them explode.”

“In the economy Labor built they are fuelling their inflation agenda that has pushed interest rates to their highest level since 2008, adding $33,000 a year to the average new mortgage. His housing taxes have driven investors out, with loans for established homes down 45.3 per cent since the Budget, which means fewer homes, higher rents and families going backwards. The Coalition will repeal Labor’s housing taxes so Australians can get back to building wealth instead of paying for Labor’s mistakes.”

Shadow Minister for Housing Senator Andrew Bragg said:

“In his failed Budget, Jim Chalmers promised he would make it easier for first home buyers to enter the market.

“Labor promised 75,000 extra first home buyers over the decade, which works out to be 7,500 per year and 3,750 every six months. But instead they have delivered exactly the opposite. There are now over 3,800 fewer new loans to first home buyers over the past six months. And numbers for all owner occupiers are down by almost 7,600.”

“Australia is already building around 30,000 fewer homes a year than under the Coalition. Now Labor's higher housing taxes are discouraging investment when Australia desperately needs more homes.”

“It is time these taxes were repealed before they do any more damage.”

[Ends]