“The dip in finance commitments for the construction and purchase of new dwellings highlights the need for the Budget to reboot confidence,” Peter Jones, Chief Economist of Master Builders Australia said.

“Housing finance commitments for housing dipped by 0.4 per cent in March, and 4.2 through the year, according to data released by the ABS today,” he said.

“Construction of new dwellings is a key indicator of the health of the residential building sector and the dip in March reinforces the need for the Budget to boost confidence to maintain the momentum of the housing recovery,” Peter Jones said.