15/11/2022

PROVIDING AFFORDABLE HOUSING

There’s not enough housing in Australia and we have a low level of institutional housing investment – despite having the world’s third largest pool of capital in our superannuation system. The Budget offers:

A National Housing Accord

Under a new national Housing Accord, the government is bringing together the states and territories, the Australian Local Government Association, investors, and people who work in the building industry. The Accord sets a goal of building one million new, well-placed homes over the next five years, starting in the middle of 2024, when capacity problems are expected to get better.

Under the Accord, the Government will give $350 million over 5 years, along with ongoing payments over the longer term, to build 10,000 more affordable homes. States and territories will also help pay for up to 10,000 more affordable homes. This brings the total number of homes that can be built with the help of the Accord to 20,000.

National Housing and Homelessness Plan

In addition to the Accord, the Government will make a National Housing and Homelessness Plan to outline other actions and longer-term changes. The Plan will be made with the help of the states, territories, and other important groups.

Housing Australia Future Fund

The Government put $10 billion into the Housing Australia Future Fund. The Accord builds on that. With the money that comes back from the Fund, 30,000 new social and affordable homes will be built over the next 5 years.

National Housing Infrastructure Facility

The government is also making changes to the National Housing Infrastructure Facility so that it can use the $575 million it already has in a more flexible way. This will help make way for about 5,500 new homes.