We know that too many Australians are finding it difficult to find a safe, affordable place to call home.
And for those who do have a place, many are facing increasing pressures from rising rents and higher mortgage payments.
This current housing crisis is a supply issue and it has been developing for a long time.
We need more rental properties. We need more for-purchase properties, more social and affordable properties—more properties across the housing spectrum.
And we have a plan to deliver it through the establishment of the Housing Australia Future Fund.
We took the Housing Australia Future Fund to the election.
It’s the single biggest investment in social and affordable housing in a decade.
Over the first five years, it will:
After the first five years, a portion of the investment returns will be available to fund acute housing needs each year, in perpetuity. This funding will be used for additional crisis housing, transitional housing and long-term social housing in parts of the country with the greatest need.
This is not just good social policy, it’s also good economic policy.
The Fund is backed by numerous stakeholders, including housing experts, community housing providers, Housing Ministers from across the country, every single cross bench MP except Greens political party MPs and multiple members of the Senate cross bench.
The Coalition and the Greens teamed up in Budget week to delay this vital legislation.
But the HAFF is just one of the Government’s election commitments. It is not the only thing we’re doing, but it is essential in creating an ongoing, secure source of funding for social and affordable rental homes.