The Palaszczuk Government will double the size of its signature Housing Investment Fund to help augment the commencement of more than 13,000 new homes for Queenslanders.
Premier Annastacia Palaszczuk said the $1 billion investment boost would help more Queenslanders get into new homes.
“To tackle the housing challenge being faced right across Australia, we need to find short-term solutions and create longer term strategies to address supply,” the Premier said.
“This increased investment means we are now targeting construction of 5,600 new social and affordable homes by June 2027.”
Treasurer and Minister for Trade and Investment Cameron Dick said now is the right time to increase the HIF’s capital to $2 billion, expanding its capacity to deliver more housing for Queenslanders.
“The Housing Investment Fund is designed to provide a long-term, sustainable source of funding to build homes for Queenslanders,” the Treasurer said.
“This additional investment also recognises the impact that rising costs of building materials and labour is having on prices right across the construction sector to secure much needed additional supply.
“Doubling the size of the fund also means returns and will now see the HIF deliver $130 million each year ongoing to create new housing stock where it is needed most.
“Tackling housing affordability is not just about more money, it’s also about more innovative solutions.
“We’ve already seen an Australian-first partnership right here in Queensland to deliver more affordable and social housing between the Queensland Investment Corporation, Australia’s second-largest super fund Australian Retirement Trust and Brisbane Housing Company.
“We want to encourage more opportunities for private sector investment, including from superannuation funds, to create another supply pipeline for housing.”
Minister for Housing and Communities Leeanne Enoch said the injection of a further $1 billion at this critical time will mean we can house more vulnerable Queenslanders sooner.
“This takes our investment in social and affordable housing to almost $4 billion, setting a new record for the largest concentrated investment in Queensland’s history.
“Unprecedented pressure on the housing market has highlighted the importance of government and the private sector working together to deliver positive outcomes for all Queenslanders in need of housing solutions.
“I’m proud that the Palaszczuk Government is taking immediate action by providing these crucial funds to ensure every Queenslander has access to safe, secure and affordable housing.”
