The Albanese Government is set to deliver the single biggest investment in social and affordable housing in more than a decade, with welcome new support today for the Housing Australia Future Fund meaning the legislation is set to pass the Senate later this week.
The passage of this legislation, along with the commitments made at last month’s National Cabinet, represents the most significant reforms to housing in a generation.
Delivering the Housing Australia Future Fund will ensure more Australians have a safe and affordable place to call home.
The $10 billion Housing Australia Future Fund will create a secure, ongoing pipeline of funding for social and affordable rental housing, fulfilling the commitment the Government made to the Australian people.
In addition, today the Government confirms an additional $1 billion will be invested in the National Housing Infrastructure Facility to support new homes.
The Government thanks the Crossbench in the House of Representatives and the Senate, including the Greens, for the constructive engagement over a number of months on this critical legislation.
Returns from 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 or older women at risk of homelessness.
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 for veterans who are experiencing homelessness or at‑risk of homelessness.
This will mean more homes for key workers, more affordable homes for Australian renters, and more homes for those most in need.
The Housing Australia Future Fund is backed by numerous stakeholders, including housing experts, community housing providers, and every state and territory Housing Minister.
The package of housing legislation 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:
- A $3 billion New Homes Bonus, and $500 million Housing Support Program
- A new $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia
- A National Housing Accord which includes federal funding to deliver 10,000 affordable homes over five years from 2024 (to be matched by up to another 10,000 by the states and territories)
- Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years
- Additional $2 billion in financing for more social and affordable rental housing through the National Housing Finance and Investment Corporation
- New incentives to boost the supply of rental housing by changing arrangements for investments in built-to-rent accommodation
- $1.7 billion one-year extension of the National Housing and Homelessness Agreement with States and Territories, including a $67.5 million boost to homelessness funding over the next year
- State and territories committing to A Better Deal for Renters
- States and territories supporting the national roll out of the Help to Buy program, which will reduce the cost of buying a home.