This article is from the Australian Property Journal archive
THE federal election in 2022 was won by the Albanese Labor Government off the back of a strong campaign targeting the housing crisis that has gripped the nation.
As we approach the first six months of Anthony Albanese’s tenure as Australia’s 31st Prime Minister, it’s a good opportunity to look at how some of Labor’s federal election commitments are looking so far.
Here are the commitments included in the federal election campaign.
- Help to Buy
What is it? A shared equity scheme to support 10,000 buyers each year with varying eligibility thresholds.
Update: The help to buy scheme hasn’t been announced yet as to when it will start although the government have already started making changes to foreign investment screening fees and financial penalties in to pay for the scheme.
- Regional First Home Buyer Support Scheme
What is it? A scheme which offers a government guarantee of up to 15% for 10,000 first regional homebuyers who have been living in the region for at least 12 months. Existing houses, townhouses, units, house and land packages, off-the-plan apartments and land with a contract to build a house are all eligible under the scheme.
Update: Housing and homelessness minister Julie Collins mentioned in her editorial late September that Labor is looking to bring forward the regional first home buyer guarantee.
“In a prosperous country like ours, (inaction on policies) isn’t good enough.”
“That’s why the Albanese Labor Government is wasting no time in tackling the issue, starting with bringing forward our Regional First Home Buyer Guarantee.
…This plan will help up to 10,000 regional Australians every year get into their first home with a deposit of as little as five per cent.”
“Our Regional First Home Buyer Guarantee will work alongside programs such as our $10 billion Housing Australia Future Fund and Help to Buy program to help ease pressure on people right across the country trying to find somewhere to call home,” Collins said.
- Housing Australia Future Fund (HAFF)
What is it? $10 billion fund that’s been pledged by the Labor Government which would result in 30,000 new social and affordable housing properties in the first five years of the fund.
Update: According to minister Collins earlier this week, legislation for the Housing Australia Future Fund is nearly complete as it prepares to enter parliament in the coming months to see if it is passed.
“We will widen the remit of the National Housing Infrastructure Facility, making up to $575 million available to invest in social and affordable housing.
“This will support the Albanese Labor Government’s commitment to build 30,000 new social and affordable housing properties, through the $10 billion Housing Australia Future Fund,” she said.
- National Housing Supply and Affordability Council
What is it? Establish a national body with the goal to increase housing supply, undertake research and have a key role in the development and implementation of Labor’s National Housing and Homelessness Plan.
Update: The National Housing Supply and Affordability Council is yet to come into play for the Labor Government, but Collins assures it is on the horizon.
“We will also introduce a National Housing Supply and Affordability Council, to ensure the Commonwealth plays a leadership role in increasing housing supply and improving housing affordability.”
- Restoring Funding for Homelands and Improving Remote Housing
What is it? $100 million committed to start work on urgent housing and infrastructure on Northern Territory homelands. Invest in maintenance and upgrades to remote housing across WA, SA, QLD and the NT to improving housing for First Nations people.
Update: There hasn’t been too much news on this front, however hopefully after some of the other legislation such as the HAFF get moving, we’ll see some movement for this pledge.
The Albanese Government made a few huge promises to combat the challenges of housing affordability and supply – an issue that needs to be rectified soon. They’ve already got the ball rolling on a couple of these commitments which is a positive sign but there is still a lot of work to do but that’s not lost on minister Collins.
“The Albanese Government understands safe and affordable housing is central to the security and dignity of all Australians,” Minister Collins told Australian Property Journal.
“We want every Australian to have the security of having a roof over their head.”
Australian Property Journal this week reported as part its special coverage during Anti Poverty Week, that younger working Australians are struggling with cost of living pressures and rising rents, having to choose between putting a roof over their head or going hungry.
22-year-old McKenzie, whose partner is a nurse whilst he is studying to be a teacher as he balances full time hours at work with Costco as well as work shifts at McDonald’s, told Australian Property Journal, “With everything rising, it’s super stressful cause (my partner) and I were looking at the possibility of paying $460 a week or something ($230 each) which is just ludicrous. When we first moved out together we were paying $165 each between three of us – $490 total – and that was doable but you put another 100 on top of that – like where do you find that 100? 100 a week stacks up,”
At the same time, a report by AHURI found Australia needs 36,000 affordable social housing properties per annum, but was building just 3,000 each year prior to the onset of COVID. According to analysis by Duncan Rouch, a researcher affiliated with the Victorian Greens’ housing and homelessness working group, there are approximately 119,350 people on multiyear waitlist for social housing, and that is a conservative estimate.
Minister Collins said the country is facing these challenges due to a decade of inaction by the former Abbott, Turnbull and Morrison governments.
“But a decade of inaction by the former Liberal-National Government has left us with serious challenges across the country.”
“That’s why we have an ambitious housing reform agenda, to address these challenges and help get Australians into homes sooner.”
“I have already met twice with the state and territory Housing Ministers as we work together to develop a new National Housing and Homelessness Plan.”
“We’ll meet again after the Budget to continue working collaboratively on tackling housing issues across the country,” she added.
