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The government has released draft legislation on two new bills to establish the Housing Australia Future Fund and the National Housing Supply and Affordability Council, as well as an amendment bill to support the new legislation.
It forms part of the government’s election promise to deliver a $10 billion Housing Australia Future Fund that will provide ongoing investment returns and deliver new social and affordable homes as well as investments to address acute housing needs.
It is expected that returns from the fund will deliver the government’s commitment of 30,000 new social and affordable homes in the fund’s first five years, including 4,000 homes for women and children impacted by family and domestic violence or older women at risk of homelessness.
The draft legislation is open until 11 January 2023 and is expected to be introduced into the Parliament early next year.
“Having a safe and affordable place to call home is critical for Australians,” Minister for Housing Julie Collins said.
“Our ambitious housing agenda will help ensure there will be a pipeline delivering new homes for Australians, and this fund will be a major component.
“This is a significant and long‑term investment, with returns being invested in new social and affordable housing across the country.”
The fund is earmarked to deliver $200 million for the repair, maintenance and improvement of housing in remote Indigenous communities; $100 million for crisis and transitional housing options for women and children impacted by family and domestic violence and older women at risk of homelessness; and $30 million to build housing and fund specialist services for veterans who are experiencing homelessness or at risk of homelessness.
The government has also released draft legislation to rename the National Housing Finance and Investment Corporation (NHFIC) as Housing Australia and establish the National Housing Supply and Affordability Council to provide independent advice to the government.
“The council’s advice will be essential as we continue to deliver our ambitious housing agenda,” Minister Collins said.
“We want to ensure our investments are underpinned by expert advice.”
The council will also advise on the development of a national housing and homelessness plan, which will be formulated in consultation with key stakeholders and set out what is needed to make it easier to buy a home, easier to rent, and reduce homelessness.
The government has also been making strides to allow more private investment towards social housing.
The NHFIC widened the scope of its investments to allow finance to be used “to attract more private capital into the social and affordable housing sector”, as part of the government’s announcement towards a National Housing Accord.
Under the proposed amendments, up to $575 million of the NHIF fund will become available to invest in social and affordable housing, including “investment from superannuation funds and other institutional investors”.
It comes as almost 1 million households may face housing stress unless there is a boost in community housing, research done by the UNSW City Futures Research Centre for the Community Housing Industry Association revealed.
The data showed the number of households in housing stress is expected to climb from 640,000 (in last year’s census) to 940,000 by 2041, with one in 15 Australian households experiencing homelessness, overcrowded homes, or rental stress on census night in 2021.
[Related: Budget 2022/23: What you need to know]
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