From the desk of Statistics and Economics Program Manager

An industry forum in the Reserve Bank of Australia (RBA) Melbourne

On 13^th February 2024, FWPA had been invited to the RBA office in Melbourne for the brief of Statement on Monetary Policy. The meeting was attended by other industry representatives such as from CBUS property, Energy Australia, Australia Post, and MAB Corporation. Despite the presentation from the newly appointed Deputy Governor, Andrew Hauser, the objective of the meeting was to share insights from the industry on how to manage the impact of high inflation and high interest rates.

In relation to our timber industry, risks remain high in residential construction activities due to higher input prices, higher labour costs, and material shortages. Insolvencies of large construction companies in the last two years were likely to transmit stress to other businesses and households (Figure 1), including to our industry.

Figure 1: Company insolvencies

Sources: RBA statement on Monetary Policy February 2024, ASIC.

In the forum, FWPA shared current business conditions in the timber industry. Like others, we have experienced a slowing demand for wood products. We also raised concerns about the supply chain in the construction industry, which remains a puzzle for us between supply and demand.

The forum will be held regularly for the RBA as a forum to seek inputs from industries to manage monetary policy, financial stability, and inflation targets.

FWPA Economics Webinar Series

As part of our study on housing for the future and the response from the timber industry, we will have a webinar series in April and May 2024. The series includes,

• Webinar 1 (Tuesday, 30 April 2024, 10-12 pm)
  • Australia’s future housing affordability.
• Webinar 2 (Tuesday, 7 May 2024, 10-12 pm)
  • Supply side response to the need for more housing for the future.
• Webinar 3 (Tuesday, 14 May 2024, 10-12 pm)
  • Bridging the housing issues and the timber industry: A policy perspective.

In Webinar 1, we will discuss ongoing housing issues from multiple perspectives. Our confirmed speakers include,

1. Nerida Conisbee (Chief Economist at Ray White): Nerida will share her expertise from the perspective of trends and dynamics in the housing market.
2. Dr. Liz Allen (Demographer and Senior Lecture at the ANU Centre for Social Research Methods): Liz will share her insights from the perspective of demography, migration, and population changes.
3. Dr Tom Alves (Head of Development at the Australian Housing and Urban Research Institute – AHURI): Tim will share his view from the perspective of urban planning and built environment design.

Further details about the Webinar Series, including speakers in Webinar 2 and Webinar 3 will be provided soon on the FWPA website and our media outlets.

Upgrade FWPA Public Information and Dashboard Data Access

FWPA has been working to upgrade the public information and dashboard data access. The upgrade will provide better data visualisations, data provision, and interactive tools for users. Members and users will be informed about the new access once the upgrade process have completed.