Statement: New Federal Housing Legislation
The Federal Government has recently unveiled a package of housing legislation, comprising three bills:
- Housing Australia Future Fund Bill
- The National Housing Supply and Affordability Council Bill
- The Treasury Laws Amendment (Housing Measures No. 1) Bill
The Housing Australia Future Fund bill creates the Housing Australia Future Fund. This fund, with an initial sum of $10 billion, is intended to finance the construction of 30,000 social and affordable housing units over the next five years. The fund will also go towards other “acute housing needs”, including the needs of remote Indigenous communities, women, children, and veterans.
The National Housing Supply and Affordability Council Bill establishes the National Housing Supply and Affordability Council. This will be an independent council of experts to advise the Australian Government on “on options to improve housing supply and affordability”.
The Treasury Laws Amendment (Housing Measures No. 1) Bill expands the remit of the National Housing Finance and Investment Corporation under the new name Housing Australia.
While there is still a lot of work to be done (the 30,000 promised affordable and social units is nowhere near enough to make up the estimated 437,000 shortfall), it is great to see the federal government’s renewed interest in housing.
Housing is among the greatest issues facing Australia today—in a first-world country with the kind of wealth that Australia has, it is completely unacceptable that people are unable to find a secure, safe place to live and children are growing up in poverty. This is an issue that will require all levels of government to work together to create solutions.