The Albanese government will invest $10 billion in a housing future fund, set to be the single biggest investment in social and affordable housing in a decade.
It comes amid fears rising interest rates could push more Australians to default on their mortgage; and mounting cost-of-living will drive more people to the brink of homelessness.
Housing Minister Julie Collins will introduce legislation on Thursday to establish the fund, as well as a Housing Australia body which will become the home for key national housing programs; and the National Housing Supply and Affordability Council.
It’s anticipated 30,000 social and inexpensive properties can be constructed within the first 5 years of the fund, and funding returns can be utilized in perpetuity to assemble extra.
Of these, 4000 properties will likely be devoted for ladies and youngsters fleeing household and home violence, and older ladies prone to homelessness.
The authorities may also be capable of get unbiased recommendation on what is going to and received’t work, to make sure the federal government doesn’t create distortions available in the market.
NCA NewsWire / Luis Enrique Ascui Credit: News Corp Australia
“We know too many Australians can’t find anywhere affordable to live. We know too many Australians are facing high rents and wondering how they will make ends meet,” Ms Collins mentioned.
“The introduction of this legislation is a big step forward to start addressing these issues over the long term.
“The fund will also be a shot in the arm for our construction industry, keeping tradies on the tools.”
The announcement comes as Homelessness Australia points a warning that the rising cost-0f-living is pushing extra Australians to the brink.
Chief govt officer Kate Colvin mentioned all governments wanted to “urgently fix the problem renters are facing at the moment”.
“It feels like we’re standing on the beach waiting for a tsunami to come (to homelessness),” she advised ABC Radio.
“It’s an absolute living nightmare out there for renters at the moment.”
She welcomed the federal government’s laws, however mentioned there wanted to be a approach to reply to folks “urgently”.
NCA NewsWire / Luis Enrique Ascui Credit: News Corp Australia
Ms Collins mentioned the federal government had instantly unlocked as much as $575 million to get extra properties on the bottom extra rapidly.
“We are looking at policies right across the housing spectrum and we need to make sure that they’re based on evidence,” she advised AB News.
She additionally voiced her concern the ninth-straight hike in rates of interest – and warning extra are to come back – might push extra Australians to default on their loans.
“We know that far too many people are finding it difficult, and they’re facing some very difficult decisions. Which is why we’re trying to support them in every way we can,” she mentioned.
Source: www.perthnow.com.au
