Treasurer Jim Chalmers insists Labor is ambitious enough to meet its policy of building 1.2m new homes by 2030, despite his own department warning the federal government’s goals will not be met. Chalmers said the advice reflected what he and the housing minister, Clare O’Neil, had been saying since before the election. Deloitte Access Economics research released in October forecast Labor would deliver fewer than a million new homes by 2029 – at least 200,000 below its promised target. Separate Housing Industry Association research has found the target for 1.2m new homes within five years would require a 50% increase on 2024 construction levels. To meet its promise, Labor needs an average of 240,000 new homes to be built each year.