Major update on Labor's $10bn housing plan

Perth Now

a day ago

Labor has rubber-stamped funding for 5001 new social homes across every state and territory set to be built under it flagship Housing Australia Future Fund (HAFF), despite criticisms the $10bn fund has yet to build any new homes.
Housing Minister Clare O'Neil will confirm on Thursday that more than 18,000 homes are now under the construction or planning using funding from the HAFF, with Labor targeting the creation of 55,000 social and affordable homes by June 30, 2029.
Of the 55,000 homes, the HAFF, which offer loans and grants to incentivise developers to build social and affordable housing, will contribute 40,000 dwellings.
The latest round of funding is set to deliver an extra 5001 homes with 1535 earmarked for NSW, 1275 in Victoria, and 1005 in Queensland.
Investment is also expected to build 515 homes in Western Australia, 149 Tasmania, 335 in South Australia and 187 across the ACT and Northern Territory. More than 18,000 homes funded through the HAFF are currently under planning or construction. NewsWire / Gaye Gerard Credit: NewsWire
The fund has been criticised for having yet to deliver any purpose-built homes since it was established on November 1, 2023, with former opposition leader Peter Dutton threatening to scrap the policy if the Coalition claimed government.
As it stands, 370 homes have been delivered through the HAFF through instances of developers releasing more homes onto the market, or the purchasing or conversion of homes into affordable or social stock.
Lagging construction times for homes are also an issue.
Across Australia it takes an average of 10.3 months to build a detached house from commencement to completion, with townhouses taking 12.9 months and build times for an apartment stretching out to 27.8 months, according to ABS figures from October 2024.
However fresh figures released on Wednesday found housing approvals had increased by 3.2 per cent to 15,212 in May, however the pipeline still puts Australia behind the ambitious 1.2 million National Housing Accord target. Housing Minister Clare O'Neil said the HAFF was 'hitting its stride'. NewsWire/ Martin Ollman Credit: News Corp Australia
Ms O'Neil welcomed the speedy approvals of the 5001 homes, and said the program was 'hitting its stride'.
'Every one of these homes represents hope for a family doing it tough – whether it's a mum escaping violence, a veteran needing somewhere safe, or a nurse priced out of her own community,' she said.
'This round was progressed much faster than previous rounds with more than 18,000 homes now in stages of building and planning, a clear sign that the HAFF is hitting its stride.
'We're creating a pipeline of homes that will make a difference for decades.'
In NSW, where $1.2bn of funding has been committed across 14 projects, state Housing Minister Rose Jackson said dwellings will give 'thousands of people the stability and dignity they deserve'.
'In just one year, we've delivered the biggest increase in public, social and affordable housing for NSW in over a decade – this new funding means we can build even more,' she said.