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Labor wants to use earnings from the fund to build 10,000 affordable homes and 20,000 social homes between 2024-2029 (Bigstock)

The Albanese Government is refusing to give any ground to the Greens to pass the $10 billion Housing Australia Future Fund, despite the minor party opening the door to more concessions. Source: Sydney Morning Herald. 

Housing Minister Julie Collins yesterday signalled the Government was not willing to support the Greens’ proposals, arguing some would worsen the nation’s housing challenges.

Labor went to the last election promising to invest $10 billion in a Future Fund-controlled vehicle, with a maximum of $500 million a year in earnings used to build 10,000 affordable homes and 20,000 social homes between 2024 and 2029.

But the plan is now stuck in the Senate, with the Greens likening the fund to a “gamble on the stock market”. They originally demanded the Government spend $5 billion on social and affordable housing a year and offer $1.6 billion a year to the states and territories for a two-year rent freeze.

At the weekend, the Greens halved their demands to $2.5 billion for social and affordable housing a year, and $1 billion for the rent freeze. The Coalition is refusing to back the fund, arguing the Government should not take on more debt.

Ms Collins said the building fund was on top of other commitments made by the Government to improve the property market since it took office.

She said all concerns raised by the Senate crossbench had been addressed in concessions offered by the Government, and further delays to the fund would delay the construction of thousands of homes.

“Australia desperately needs the 30,000 new social and affordable rental homes the fund will deliver in its first five years. What we don’t need are proposals that won’t work, are not backed by evidence and would only make our housing challenges worse,” she said.


Government holds ground on $10b housing plan (By Shane Wright, Sydney Morning Herald)