Budget 2024: Huge funds injection promises billions to build homes quicker – here are the Aussies most likely to benefit
Funds to tackle the housing crisis will make a life-changing difference for people in desperate need of housing, according to housing activists who welcomed news of a multi-billion dollar budget injection to build homes faster.
About $1 billion will be spent on crisis and transition services for young people, as well as for women and children escaping domestic violence.
Grants provided under the National Housing Infrastructure Facility to build these homes will increase from $175 million to $700 million.
The funds will help people most at risk, Homelessness Australia CEO Kate Colvin said.
The federal government will pour $11.3 billion into housing initiatives when Tuesday’s budget is delivered by Treasurer Jim Chalmers, with support from premiers and chief ministers
Mr Chalmers (right) said the substantial boost to housing supply would be a priority feature of Tuesday’s Budget
About $1 billion will be spent on crisis and transition services for young people, as well as for women and children escaping domestic violence. A tradie is depicted working on a construction site
‘New resources to provide crisis and temporary shelter for women and children fleeing domestic violence and young people at risk of homelessness will make a life-changing difference for every family and young person who will now find a safe home have,” she said.
Future funding must address the ‘rent gap’ between the amount of support available and the cost of housing, after research shows 44 per cent of young people are still homeless after receiving support, says Wendy Hayhurst, chief executive of the Community Housing Industry Association .
Housing providers who offer rent to young people are financially disadvantaged due to a lower potential income.
“Community housing providers want to be part of the solution and work with government to deliver safe homes and a better future,” Ms Hayhurst said.
The government will also spend $1 billion on building roads, sewerage, energy, water and community infrastructure needed for more homes.
Federal funding for homelessness and social housing services will double to $400 million a year and will be matched by the state and territories, with National Cabinet also agreeing to a five-year, $9.3 billion National Agreement on Social Housing and Homelessness dollars.
Prime Minister Anthony Albanese said the cash injection would boost construction on a national scale.
“This isn’t about one suburb, one city or one state. It is a challenge facing Australians around the world and action is needed from every level of government,” he said.
Mr Chalmers said the substantial boost to housing supply would be a priority feature of Tuesday’s Budget.
It comes at a time when the federal government is committed to working with higher education providers on new rules to increase student housing.
This follows an earlier budget announcement of more than $90 million to increase the number of tradies and construction workers, including the provision of an additional 20,000 TAFE places.
Education Minister Jason Clare reiterated the importance of the international education sector to the Australian economy.
Prime Minister Anthony Albanese (pictured center) said the financial injection would boost construction on a national scale
“We need to ensure its continued sustainability and part of that means we need more purpose-built student accommodation,” he said.
More than $25 billion has already been allocated over the next ten years to build 1.2 million homes by the end of 2030.
1800 RESPECT (1800 737 732)
Lifeline 13 11 14