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:
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:
Additional $2 billion in financing for more social and affordable rental housing through the National Housing Finance and Investment Corporation
September 12, 2023