Oil crisis pushes up Australian housing costs

Rising oil prices from the US-Iran conflict are driving up Australian housing construction costs, with building materials like PVC increasing by 30 per cent and paint prices set to rise by 10 per cent. Diesel-dependent construction companies on fixed-price contracts face particular pressure, while the overall increase in building costs threatens to slow new home construction at a time when housing supply already cannot meet demand.See omnystudio.com/listener for privacy information.