Albanese Government delivers immediate $2 billion for accelerated social housing program

Today the Albanese Government announces a new $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia.

This investment will build more housing, for more Australians, in more parts of our nation.

Because this Government knows a secure home will give more Australians the foundation for a better future.

The Social Housing Accelerator payment will be delivered to State and Territory Governments within the next two weeks. This will create thousands of homes for Australians on social housing waiting lists and will increase housing supply sooner, with all funding to be committed by states and territories within two years ending 30 June 2025.

The Albanese Government is committed to improving housing outcomes for Australians and this $2 billion initiative helps deliver on that commitment.

States and territories will have some flexibility in how they permanently boost social housing stock under the Social Housing Accelerator, including new builds, expanding programs, renovating or refurbishing existing but uninhabitable stock.

We know Australians want practical solutions, so we are getting on with the job.

Real dollars, driving real change and building more homes.

Premiers and Chief Ministers will ensure this additional investment in housing will work alongside better planning, zoning and land release.

It continues the work of the new National Housing Accord, a shared ambition to build one million new well-located homes over five years from 2024, and builds on the work of National Cabinet on renters’ rights and planning reforms.

The Albanese Government will continue to work with State and Territory Governments to address housing affordability, supply, and homelessness.

The $2 billion in additional funding brings the Albanese Government’s investment in housing and homelessness to more than $9.5 billion in this financial year to 30 June.

Quotes attributable to Prime Minister Anthony Albanese:

“The $2 billion Social Housing Accelerator payment will be delivered to States and Territories within the next two weeks and will deliver thousands of new social rental homes across the country.

“Every Australian deserves the security of a roof over their head, and my Government is taking steps to deliver more homes around the country.

“I met with every Premier and Chief Minister about this proposal yesterday, and we all agree securing more housing for more Australians is a key national priority.

“This is new money, right now, for thousands of new homes and complements our ambitious housing agenda.”

Quotes attributable to Housing Minister Julie Collins:

“At every opportunity, we have added to our already ambitious housing agenda. 

“We know that supply is an important part of addressing the housing challenges we inherited from the former Liberal government. This funding will help build more of the rental homes that Australia needs.

“We could do even more if the Senate stopped blocking our $10 billion Housing Australia Future Fund - the single biggest investment in social and affordable rental housing by a Federal Government in more than a decade.”

The Albanese Government’s ambitious housing agenda also includes:

Establishing the $10 billion Housing Australia Future Fund, which will build 30,000 new social and affordable rental homes in its first five years;

  • Providing an extra $67.5 million to states and territories to help tackle homelessness;
  • Introducing incentives to increase the supply of rental housing by improving arrangements for investments in build-to-rent accommodation;
  • Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent
  • Establishing a new National Housing Accord;
  • Investing $350 million to deliver an additional 10,000 affordable rental homes over five years from 2024 as part of the Accord;
  • Making up to $575 million available through the National Housing Infrastructure Facility to support more social and affordable rental homes;
  • Investing an additional $2 billion in financing for more social and affordable rental housing through the National Housing Finance and Investment Corporation;
  • The Help to Buy program, which will help more people buy a home sooner;
  • Expanding the Home Guarantee Scheme.