The Albanese Labor Government is making the biggest investment in new social and affordable housing in more than a decade.
The $10 billion Housing Australia Future Fund would deliver funding to build 30,000 affordable homes within its first five years - including:
The Government will also guarantee in legislation a minimum disbursement of $500 million from the fund from the 2024-25 financial year, with that amount to be indexed from 2029 and can be raised at any time by a legislative instrument. If legislation was passed in June, funds would have commenced accruing and possible disbursements made in the 2023-24 financial year.
The Greens don’t understand that enshrining the Housing Australia Future Fund into legislation is essential in creating an ongoing, secure source of funding for social and affordable homes that can’t be ripped apart by future conservative governments. This is very important.
Unfortunately, the Greens and the Liberals have shamefully teamed up to block 30,000 desperately needed social and affordable rental homes by blocking Labor’s Housing Australia Future Fund in the Senate.
The Albanese Government remains committed to the Housing Australia Future Fund, but this won’t stop our government getting on with the job of making sure more Australians have a safe and affordable place to call home.
On 18 June 2023, the Albanese Government announced a new $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia. This will increase housing supply sooner for Australians on social housing waiting lists, with all funding to be committed by states and territories by 30 June 2025.
In addition to the Social Housing Accelerator, the Albanese Government has delivered on its housing agenda already by:
We are building on this agenda with a number of new measures in the 2023-24 Budget to assist Australians to find a safe, secure and affordable place to call home. In the budget, the Government is:
The Albanese Government will also deliver in mid-2024 a National Housing and Homelessness Plan to identify the short, medium and long-term steps that can be taken to address housing issues in Australia, and will establish Help to Buy, a new program to make it easier and cheaper for Australians to buy a home.
As at 29 June 2023
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