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The landmark legislation package establishes a host of Albanese government initiatives aimed at combating the nation’s housing crisis.
Introduced into Parliament on Thursday, 9 February, the bills create the Housing Australia Future Fund, National Housing Supply and Affordability Council and Housing Australia.
Minister for housing and small business Julie Collins explained that “the legislation introduced to Parliament today includes the Housing Australia Fund Bill 2023, which will deliver on our government’s promise to create a $10 billion fund.”
She added the fund is a “significant investment to deliver long-term returns to support more social and affordable housing and invest in acute housing needs.”
Returns from the initiative will assist the Albanese government’s commitment to delivering 30,000 new social and affordable homes within the fund’s first five years, including 4,000 for women and children impacted by family and domestic violence, and older women at risk of homelessness.
Additionally, the National Housing Supply and Affordability Council Bill 2023 will establish the council as an independent statutory advisory body, while the Treasury Laws Amendment (Housing Measures No. 1) Bill 2023, alters the name of the National Housing Finance and Investment Corporation to Housing Australia and streamlines its functions.
“Together, this legislation is another step in delivering on the Albanese government’s ambitious housing commitments, building on our existing achievements, including the expanded National Housing Infrastructure Facility, the Regional First Home Buyer Guarantee and the Housing Accord,” Ms Collins said.
“Today marks a turning point for housing in Australia,” she added.
Property Council of Australia (PCA) chief executive Mike Zorbas welcomed the suite of bills, describing it as “an important first step to get the government working together with industry.”
He brandished the Housing Accord as the nation’s “best hope of tackling the housing supply shortage.”
“We strongly support giving the Housing Supply and Affordability Council a broad mandate and powers that would allow it to assess the performance of the housing system and state and territory, and local governments’ capacity to meet demand across the housing spectrum,” he added.
“The Housing Supply and Affordability Council has no time to waste in reviewing barriers to institutional investment in housing,” Mr Zorbas said.
Within the PCA’s recent A Stark Reality report, which revealed Australia’s severe lack of affordable housing supply, the council proposed giving the newly formed Housing Supply and Affordability Council the mandate to review and publish scorecards on the states and territories’ housing supply efforts and the effectiveness of planning regimes across the country.
“If we are serious about increasing housing choice and affordability, we need immediate changes to tax settings that would create a level playing field for build-to-rent and unlock a sorely needed new stream of housing supply, as well as more supply of retirement living communities and purpose-built student accommodation,” Mr Zorbas concluded.
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