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Speaking to delegates at the Finance Brokers Association of Australasia national conference in Sydney on Thursday (29 October), NSW Finance Minister Courtney Houssos acknowledged that addressing the housing shortfall is critical to unlocking the state’s broader economic potential.
Echoing the thoughts of NSW Premier Chris Minns, the NSW Finance Minister said: “Housing is the defining challenge of this age.
“And I feel that saying this to a room full of brokers, you would understand that unless we address the housing challenges, it will continue to breed other problems. It’s holding us back.”
The Labor Party minister warned that the inability of residents to find affordable accommodation was having a direct impact on the workforce and business community.
"We can’t afford to keep losing our young people to other states when they can no longer rent or buy here.
“And businesses shouldn’t need to struggle to attract and retain talent that they need,” she said.
Outlining the NSW government’s response, Minister Houssos stressed that increasing housing density and accelerating construction were at the core of the NSW government’s strategy.
“We know the only sustainable way to make housing more affordable is to build more of it in places where people want to live,” Minister Houssos told the audience, detailing several supply-side and buyer-assistance measures brought about by the government in recent years, including the expanded First Home Buyers Assistance Scheme, the Transport Oriented Development Program, a $5.1 billion social housing investment and the establishment of the Housing Delivery Authority.
According to the NSW Finance Minister, since July 2023, more than 94,000 first home buyers have received direct financial support averaging around $20,000, with another 30,000 expected to receive assistance over the coming year.
However, she emphasised that buyer assistance alone is not enough, stating: “Helping people into the market is only part of the answer. We also need to tackle the structural issue at the heart of the housing crisis, and that’s supply.
“That’s why we’ve changed the rules to build thousands of new homes around train stations.
“It’s why we backed it up with the biggest investment in social housing since World War Two, and it’s why we established the Housing Delivery Authority, which is streamlining assessments for new homes and helping us deliver more homes faster in well-connected areas.”
She continued: “Getting housing right is central for what comes next for New South Wales, and what this all comes down to is building up a robust economy, an economy that can weather whatever storm that comes our way, where households feel supported through challenging times, and where businesses have the confidence to grow and get ahead.
“We’re not pretending everything’s fixed, and we’re certainly not saying that the job is done. There are real challenges facing our state, but we believe that our government has laid the foundations, and there’s lots more work ahead of us.”
Turning to the mortgage and finance broking profession, Minister Houssos acknowledged the vital position brokers hold as trusted advisers, particularly as borrowers face high inflation and elevated interest rates.
“With inflation rising and interest rates higher, families are feeling even more pressure on their household budgets, and we’re seeing those pressures, as a government, right across the board: from mortgages and rents … to groceries and fuel,” she said.
“And you would see them in the really difficult decisions that your clients are making about applying for a home loan, or perhaps refinancing, and how they’re managing their debt or investing in their business."
She praised brokers for guiding consumers through an increasingly complex financial landscape.
“There’s no doubt that your advice helps people navigate those important decisions at that challenging time … Such a trusted voice they’ve been turning to.
“And that makes the work that you do more important than ever.”
Minister Houssos added that the broking industry had weathered different economic cycles in the past, saying: “There has been some challenging times, and I think the resilience of the industry is something that has certainly stood out.”
[Related: RBA’s ‘nightmare’ warning puts property market on edge]
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