Residential incentives brought in during the pandemic has injected billions of additional dollars into Australia's economy, new research has found.
Analysis from Master Builders Australia on the federal government's HomeBuilder scheme has unveiled close to $120 billion of projects has been generated from the support package designed to spur on activity within the construction sector following the COVID-19 induced economic downturn.
The Morrison government confirmed a total of 137,621 applications for the scheme were made and $41.6 billion of funds from the scheme directly injected into the economy.
In the ACT, 2939 HomeBuilder applications were committed and represents 2.1 per cent of the entire support package.
The four major states were the main beneficiaries of HomeBuilder with Victoria and Queensland recording the highest levels of new residential constructions.
Assistant Treasurer Michael Sukkar said the scheme had lifted the entire construction sector and assisted more first home buyers to acquire a property.
"HomeBuilder continues to ignite the residential construction industry and has been a key part of the Morrison Government's economic recovery plan out of the COVID-19 pandemic," Mr Sukkar said.
"The direct economic impacts of HomeBuilder and the nationwide flow on effects will be seen well into 2023."
HomeBuilders implementation and adoption has come in the midst of a supply shortage for construction material which has delayed a number of projects across the country.
The residential housing market is also facing supply constraints due to the increased surge in demand, which has been spurred on by lower interest rates on mortgages.
Master Builders' analysis also shows the package directly supported nearly 300,000 jobs.
Master Builders chief executive Denita Wawn noted the package was able to cushion the blow from the worst economic recession since World War II.
"Master Builders Australia estimate that 294,960 full-time jobs have been supported as a direct result of HomeBuilder, giving builders and tradies opportunity at a very difficult time for the industry," Ms Wawn said.
Victoria recorded 39,661 HomeBuilder applications while Queensland booked 28,957 and NSW reported 25,934 approvals.
There were 21,695 applications in Western Australia, 13,939 in South Australia, 3935 in Tasmania, and 561 in the Northern Territory.
