The Albanese Labor Government’s landmark legislation to deliver the single biggest investment in affordable and social housing in more than a decade has passed the Parliament.
The $10 billion Housing Australia Future Fund will now be established, creating a secure, ongoing pipeline of funding for social and affordable rental housing.
This will be life changing legislation that will help generations of Australians.
The passage of this legislation delivers on the commitment the Albanese Government made to the Australian people before the election.
The Housing Australia Future Fund will help deliver the Government’s commitment of 30,000 new social and affordable rental homes in the fund’s first five years.
This includes 4,000 homes for women and children impacted by family and domestic violence and older women at risk of homelessness.
The Fund will also deliver the Government’s commitments to help address acute housing needs, including:
The package of housing legislation passed by the Parliament this week also includes the National Housing Supply and Affordability Council Bill 2023, which will establish the National Housing Supply and Affordability Council as an independent statutory advisory body.
The Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 changes the name of the National Housing Finance and Investment Corporation to Housing Australia and streamlines its functions.
The Housing Australia Future Fund is one part of the Albanese Government’s ambitious housing reform agenda, which also includes: