9 February 2023
With housing affordability and cost of living pressures escalating in the first nine months of the Albanese Government, PowerHousing Australia is pleased to see priority enabling legislation introduced to Federal Parliament in the first sitting week of 2023, as a major salvo of measures to tackle mounting housing pressures.
The tabled housing package allows for the transition of the National Housing Finance and Investment Corporation (NHFIC) to Housing Australia, who will be armed with the $10b 30,000 home Housing Australia Future Fund (HAFF) and guided by the new National Housing Supply and Affordability Council.
With the measures introduced today, we are structurally equipped to act and strike wave after wave of decisive salvos against the rising surge in unaffordability that will attack Australian household budgets increasingly in the period ahead.
Rising interest rates are starting to hit middle income families, we are seeing more and more Australians coming under the pressure that hundreds of thousands on lower incomes have known for some time. The move of the Federal Labor Government to quickly introduce this major salvo of housing legislation couldn’t come soon enough.
At the heart of the measures, Housing Australia, which transforms and builds on the success of the NHFIC, is set to bolster a national structure to tackle the housing crisis that will increasingly be felt across Australia.
Though we are far from out of the woods having greater numbers of social and affordable homes needed today more than ever, further macro housing measures will be critical in the next 24 months from the Federal Government to provide relief to increasing numbers of Australians.
With Community Housing as a group providing the largest increase in social and affordable housing today in this country, these measures will strike back on the mounting crisis impacting more Australians and will see our growing sector further helping to deliver more dedicated social and affordable housing into perpetuity.
In the soon to be released accompanying Investment Mandate, we expect further detail on the availability payments to subsidise the 30,000 homes over a 25 year period, allowing feasibilities for the Housing Australia Future Fund. In this light we are optimistic of what the legacy of this Future Fund will be to truly open the door on an investment ecosystem and an affordable housing asset class being formed in partnership with states, Community Housing and global investors.
For further detail contact: Nicholas Proud, CEO PowerHousing Australia 02 6210 5040