July 1 marks the start of a new era for housing reforms and the next phase of the Albanese Labor Government’s $32 billion ³Ô¹ÏÍøÕ¾s for Australia plan.
At the centre of the ³Ô¹ÏÍøÕ¾s for Australia plan is the ambitious national target of building 1.2 million new, well‑located homes by the end of the decade from today.
We know this is a challenge, but it’s a challenge we have to meet.
We need to build more homes, more quickly, in more parts of the country.
The Albanese Labor Government has committed $3 billion under the New ³Ô¹ÏÍøÕ¾s Bonus for states and territories to help meet this target.
This will incentivise states and territories to undertake the reforms necessary to boost housing supply and improve housing affordability.
Other significant housing reforms that begin in this financial year include:
- the new $9.3 billion 5‑year ³Ô¹ÏÍøÕ¾ Agreement on Social Housing and ³Ô¹ÏÍøÕ¾lessness to combat homelessness, provide crisis support and build and repair social housing. This new agreement includes a doubling of Commonwealth funding for homelessness, which state and territory governments must match.
- funding from the $10 billion Housing Australia Future Fund will begin to flow. In its first five years, the fund will support 30,000 social and affordable rental homes.
From July 1, 50,000 new places will also be available this financial year under the ³Ô¹ÏÍøÕ¾ Guarantee Scheme:
- First ³Ô¹ÏÍøÕ¾ Guarantee – 35,000 new places available;
- Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee – 10,000 new places available; and
- Family ³Ô¹ÏÍøÕ¾ Guarantee – 5,000 new places available.
Comments attributable to Minister for Housing and ³Ô¹ÏÍøÕ¾lessness, Julie Collins MP:
‘Building more homes is the best way to address Australia’s housing challenges.
‘That’s why the reforms which kick off today are so critical, including the ambitious national target to build 1.2 million homes across the country by the end of the decade.
‘Our ambitious housing reform agenda is backed‑up with $32 billion to help build the homes that Australia needs.’
