August 2023 E-Newsletters

National Cabinet Housing Update

The Albanese Labor Government is continuing to implement its ambitious housing reform agenda, working with states and territories through National Cabinet to deliver more secure and affordable housing.

We have agreed to a new national target to build 1.2 million new well-located homes over five years, from 1 July 2024. This is an additional 200,000 new homes above the National Housing Accord target.

‘Rents are rising because there is not enough housing to go around... only when housing is plentiful will it also be affordable.’
Brendan Coates, The Age, 15 August 2023

This ambitious target will be supported by the Housing Support Program,  a $500 million competitive funding program for local and state governments to kick-start housing supply.

Furthermore, we have allocated $3 billion for performance-based funding, termed the New Home Bonus, intended for states and territories that achieve more than their share of the one million well-located home target under the National Housing Accord. This is effectively a means to incentivise more supply by the states.

National Cabinet also agreed to a National Planning Reform Blueprint with planning, zoning, land release and other measures to speed up supply.

A Better Deal for Renters

This initiative is aimed at reinforcing renter rights throughout Australia. This includes:

• Formulating a nationally consistent policy to implement valid and reasonable grounds for eviction.
• Moving towards limiting rental increases to once a year.
• Phasing in minimum rental standards.

These changes will make a tangible impact for the almost one-third of Australian households who rent. This is the patient work of consensus building that will ensure that more residents in Higgins have a safe place to call home.

Helping More Australians Buy a Home

The Albanese Government is working with states and territories to deliver the Help to Buy Scheme, supporting up to 40,000 low- and middle-income families to purchase a home of their own. This will bring home ownership back into reach for thousands of Australians who have been locked out of the housing market.

The Government will provide an equity contribution to eligible participants of up to 40 per cent for new homes and 30 per cent for existing homes.  All states have agreed at National Cabinet to progress legislation so that this scheme will run nationally.  This scheme will kick off next year allowing more Australians on low to middle incomes to own a home.

For a breakdown of our existing housing initiatives including our landmark Housing Australia Future Fund, please view my Housing E-Newsletter: May 2023 E-Newsletter and Prime Minister Anthony Albanese's Media Release: Working Together to Deliver Better Housing Outcomes.


Sincerely,