The Albanese Government is delivering the most significant housing reform agenda in a generation, so that more Australians will have a safe place to call home.
Too many Australians struggle to secure safe and affordable housing, which is why we are committed to make meaningful, life-changing investments to help build new homes for those who need them most.
40,000 new social and affordable homes
The Government will deliver 40,000 new social and affordable homes, including 30,000 homes from the Housing Australia Future Fund and an additional 10,000 dwellings under the new Housing Accord.
The Government will invest $10 billion in the Housing Australia Future Fund to generate returns to build 30,000 new social and affordable homes in the fund’s first five years, including:
- 20,000 social housing properties – including 4,000 properties for women and children fleeing domestic and family violence, and older women on low incomes who are at risk of homelessness.
- 10,000 affordable homes for frontline workers like police, nurses and cleaners.
In its first five years, returns from the Housing Australia Future Fund will also fund:
- $200 million for the repair, maintenance, and improvements of housing in remote Indigenous communities.
- $100 million for crisis and transitional housing options for women and children fleeing domestic and family violence, and older women on low incomes who are at risk of homelessness.
- $30 million to build more housing and fund specialist services for veterans who are experiencing homelessness or at risk of homelessness.
The Government has hit the ground running and is expanding the remit of the ³Ô¹ÏÍøÕ¾ Housing Infrastructure Facility to unlock $575 million in funding for social and affordable housing.
Together the Housing Australia Future Fund, ³Ô¹ÏÍøÕ¾ Housing Infrastructure Facility and the new Housing Accord with states and territories, local government and representatives from the superannuation and construction industries, will seek to draw in institutional capital and accelerate housing supply.
As part of the new Housing Accord, the Government has committed $350 million over five years from 2024-25 to support an additional 10,000 affordable homes.
This means the Budget now includes a commitment from the Government to 40,000 new social and affordable homes.
Establishing Housing Australia, a new ³Ô¹ÏÍøÕ¾ Housing Supply and Affordability Council, and a ³Ô¹ÏÍøÕ¾ Housing and ³Ô¹ÏÍøÕ¾lessness Plan
The Albanese Government will also establish Housing Australia to create a new home for key national housing programs.
We want to ensure our investments are underpinned by expert advice. That’s why a ³Ô¹ÏÍøÕ¾ Housing Supply and Affordability Council will be created to deliver independent advice to Government on ways to increase housing supply and affordability.
One of the Council’s key pieces of work will be to advise on the implementation of a ³Ô¹ÏÍøÕ¾ Housing and ³Ô¹ÏÍøÕ¾lessness Plan, which will be developed in consultation with key stakeholders and set out what is needed to make it easier to buy a home, easier to rent, and reduce homelessness.
Helping more Australians into home ownership
We are also working to implement the Help to Buy scheme, which will support eligible Australians on low to moderate incomes to purchase their own home.
This is on top of the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee, launched three months ahead of schedule earlier this month, which will help 10,000 regional Australians into their first home every year with a deposit of as little as five per cent.
Together, the Albanese Government’s significant housing reform agenda means more Australians will have a safe and affordable place to call home.
