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Federal Government announces pre-Budget housing funding

The Federal Government has unveiled a sweeping series of new housing measures, committing more than $11 billion in Tuesday’s Budget to accelerate housing construction and address homelessness across Australia.

On Friday, Prime Minister Anthony Albanese convened National Cabinet, and premiers and chief ministers backed a number of new measures to help Australians build, rent and buy homes. 

The measures include a new $9.3 billion, five-year National Agreement for states and territories to combat homelessness, provide crisis support and build and repair social housing. 

This includes a doubling of Commonwealth homelessness funding to $400 million every year, matched by states and territories.

Mr Albanese said the Budget would also provide emergency housing and help the states and territories fund the infrastructure new homes required.

“This Budget will provide an additional $1 billion for social and emergency housing to support women and children escaping domestic violence and will ensure a new five-year funding agreement with states and territories for housing and homelessness,” he said.

“We are encouraging states and territories to kick-start building by providing an extra $1 billion to help fund the roads and services new homes need, and for new social housing.”

The new investment is on top of more than $25 billion the Federal Government has already earmarked for housing over the next decade, including the $10 billion Housing Australia Future Fund, to build 30,000 social and affordable rental homes and the $2 billion Social Housing Accelerator to deliver about 4000 new social homes across the country and the $3 billion New Homes Bonus to incentivise states and territories to build more homes.

Treasurer Jim Chalmers reinforced the government’s commitment.        

“Housing is a big priority for the Albanese Government and it will be a big focus of the Budget,” he said. 

“Australia needs to build more homes more quickly and that’s what this substantial investment will help to deliver. 

“We’re delivering billions more dollars in the Budget to build more homes across the country because we know that to address this housing challenge, we need to boost supply.”

Minister for Housing Julie Collins said the government was still looking to build 1.2 million new homes by the end of the decade.

“Building more homes is the best way to address Australia’s housing challenges, and this is exactly what Homes for Australia will deliver,” she said.

“Homes for Australia will turbocharge the construction of new homes right across the country and ease the pressure on Australians doing it tough.”

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Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.