Housing supply front and centre for policy makers in Australia
The passing of the previously delayed Housing Australia Future Fund (HAFF) means that all the Albanese government’s announced housing policies are now in place. These policies represent a minimum funding pool of $5.5 billion stretching to the end of the decade, potentially lifting as high as $10 billion if all targets are met and excess fund returns achieved.
At the August meeting of the National Cabinet, the National Housing Accord (NHA) target was increased by 200,000 dwellings to 1.2 million homes, to be completed by FY2029. State and territory governments are to deliver these dwellings based on as yet-unannounced targets.
Within this change to the NHA, the New Home Bonus was also announced. This is a further federal commitment of $3 billion dollars in performance-based funding to the state and territory governments. For every dwelling above their share of the original 1 million target delivered, they are eligible to receive a $15,000 payment. We note that payments under this scheme are not set to be made until 2028.
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