Albanese Government Announces $575 Million Towards Affordable Housing
Updated: Jan 18
In September of 2022 the Albanese Government announced $575 million towards social and affordable housing. This widening of the National Housing Infrastructure Facility (NHIF) remit is intended to support the Federal Government's commitment to build 30,000 new social and affordable housing properties.
The NHIF is an existing $1 billion facility operated by the National Housing Finance and Investment Corporation which provides equity finance and concessional grants and loans for house-related infrastructure including electricity, gas, water, sewerage, stormwater, telecommunications and roads infrastructure. Amanda Rishworth, the Minister for Social Services, issues a statement noting that since its establishment in 2018, "the NHIF has been underutilised."
The announcement follows the 2022 Jobs and Skills Summit, with Julie Collins, the Minister for Housing and Minister for Homelessness, commenting that access to affordable housing was a significant factor in Australian's access to employment:
“Across both days of the Summit, attendees have identified access to secure and affordable housing as a key driver for Australians to participate in the labour market...That’s why the Albanese Government is acting to help get more homes on the ground and help more Australians into work.”
The wider Albanese Government housing reform agenda includes:
The $10 billion Housing Australia Future Fund, which is intended to build 30,000 social and affordable housing properties over its first five years;
Help to Buy, a new program intended to make it cheaper and easier for Australians to own their own home;
The Regional First Home Buyer Support Scheme;
Establishing a National Housing Supply and Affordability Council; and
Developing a new National Housing and Homelessness Plan.
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