Homebuilding approvals across Australia plummeted in January 2022 due to a higher level of absenteeism and a slower administration process caused by the adverse effects of the COVID-19 Omicron variant. More specifically, both private sector houses and the more unstable “other dwellings” category witnessed a sharp fall in the number of approvals in January. According to the data from the Australian Bureau of Statistics released on March 3, the total number of houses approved tumbled 27.9 percent to 12,916 in January compared to last December. While private sector housing approvals dropped sharply by 17.5 percent to 8,712, other dwellings slumped 43.6 percent to 4,007. Victoria appeared to be the worst affected state, with a fall of 18.6 percent in the volume of private houses approved and another plunge of 35.5 percent in other forms of dwellings. Housing Industry Association economist Tom Devitt said the drop in approvals was due to …