Community groups have cautiously welcomed Labor's housing policy announced in the budget reply speech, but warn the promised social housing won't meet demand.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
In NSW more than 50,000 applications are waiting for social housing, and in Victoria almost 100,000 people are waiting for housing.
On Thursday night, as part of a budget reply speech that set Labor's direction ahead of the next election, the party's leader Anthony Albanese promised a $10 billion future fund to build social and affordable housing, including 20,000 new social housing properties in the next five years.
Four-thousand would be for women and children escaping family violence.
National president of the St Vincent De Paul Society Claire Victory said the allocation for victims of family violence was "reassuring".
Chief executive of the Australian Council of Social Service Cassandra Goldie said the announcement was a "promising start".
"While this won't meet the full housing needs of people on low incomes and in housing crisis, the fund would exist in perpetuity, providing a sustainable funding base to give more people greater housing options," she said.
The fund would be managed by the Future Fund Board of Guardians and invested, with the returns to go to future social housing investment after the first five years of its existence, Labor said.
Responding to Mr Albanese's housing pitch, Housing Minister Michael Sukkar said "Labor will need to more than triple the current benchmark return for the Future Fund of 6.1 per cent to be able to deliver his 20,000 dwellings".
"Labor's policy would only deliver one-sixth of the homes at four times the price when compared to the Morrison government's successful HomeBuilder program," he said.
But the Property Council of Australia welcomed the proposed housing fund.
"Housing affordability is a dire issue for Australia and the Housing Australia Future Fund is an innovative approach to house less fortunate Australians," the council's chief executive Ken Morrison said in a statement.
"We need greater supply across the entire housing spectrum and this investment would certainly be welcome by the industry."
- with AAP
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Bookmark canberratimes.com.au
- Download our app
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter
- Follow us on Instagram
Sally Whyte
I report on a range of issues in federal politics and the public service, with a real passion for how decisions made in Canberra affect the lives of Australians.
I report on a range of issues in federal politics and the public service, with a real passion for how decisions made in Canberra affect the lives of Australians.
