The Albanese Government has today introduced a package of legislation to deliver the single biggest investment in affordable and social housing in more than a decade.
Minister for Housing and Minister for Homelessness Julie Collins said the Government is not wasting a day helping to ensure more Australians have a safe and affordable place to call home.
“The legislation introduced to Parliament today includes the Housing Australia Fund Bill 2023 which will deliver on our Government’s promise to create the $10 billion fund,” Minister Collins said.
“The $10 billion fund is a significant investment to deliver long-term returns to support more social and affordable housing, and invest in acute housing needs.
Returns from the fund will help deliver the Albanese Government’s commitment of 30,000 new social and affordable homes in the fund’s first five years, including 4,000 homes for women and children impacted by family and domestic violence or older women at risk of homelessness.
Housing Australia Future Fund returns will be used to deliver innovative financing techniques that seek to facilitate institutional investment in social and affordable housing, alongside established state and territory programs.
Fund returns will also deliver the Government’s commitments to help address acute housing needs, including:
- $200 million for the repair, maintenance and improvement of housing in remote Indigenous communities;
- $100 million for crisis and transitional housing options for women and children impacted by family and domestic violence and older women at risk of homelessness; and
- $30 million to build housing and fund specialist services for veterans who are experiencing homelessness or at risk of homelessness.
The National Housing Supply and Affordability Council Bill 2023 will establish the National Housing Supply and Affordability Council as an independent statutory advisory body.
The Council will inform the Commonwealth’s approach to housing policy by delivering independent advice to the Government on housing supply and affordability.
Minister Collins said the new body is about making sure the Commonwealth receives the very best advice to deal with Australia’s serious housing challenges.
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.
It also extends the Commonwealth guarantee of bonds issued under the Affordable Housing Bond Aggregator from 30 June 2023 to 30 June 2028 to provide certainty to the community housing sector and investors.
“Together, the legislation is another step in delivering on the Albanese Government’s ambitious housing commitments, building on our existing achievements including the expanded National Housing Infrastructure Facility, the Regional First Home Buyer Guarantee and the Housing Accord,” Minister Collins said.
“Today marks a turning point for housing in Australia, and I’m proud to continue working hard to deliver on our reform agenda.”