The law will establish a $10bn Housing Australia Future Fund
Parliament has passed the Labour government's ambitious legislation aimed at addressing Australia's housing crisis.
This legislation marks one of the most significant investments in affordable and social housing in over a decade, promising a brighter future for countless Australians. The law will establish a $10bn Housing Australia Future Fund, providing secure and ongoing funding for social and affordable rental housing.
The Housing Australia Future Fund will be pivotal in delivering 30,000 new social and affordable rental homes within its first five years. Among these, 4,000 homes are earmarked for women and children affected by family and domestic violence, as well as older women facing homelessness.
The fund will also address critical housing needs, including:
- 200 million for the repair, maintenance and improvement of housing in remote Indigenous communities
- $100m for crisis and transitional housing for women and children impacted by family and domestic violence and older women at risk of homelessness
- and $30m to build housing for veterans experiencing homelessness or at risk of homelessness.
The package of housing legislation recently passed by the Parliament also includes the National Housing Supply and Affordability Council Bill 2023, which will establish the National Housing Supply and Affordability Council as an independent statutory advisory body. The Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 changes the name of the National Housing Finance and Investment Corporation to Housing Australia and streamlines its functions.
The Housing Australia Future Fund is part of the government's broader housing reform agenda, which includes ambitious initiatives like a national target to build 1.2 million well-located homes, a $3 billion New Homes Bonus, and a $500m Housing Support Program.
The agenda also encompasses a $2bn Social Housing Accelerator, a National Housing Accord with federal funding for 10,000 affordable homes, increased support for Commonwealth Rent Assistance, financing for more social and affordable rental housing, and various incentives to boost rental housing supply.
