Following the Albanese government’s overwhelming re-election victory, the housing crisis remains a top priority. With a stronger mandate, the government is under increasing pressure to deliver on its promises of addressing housing affordability and increasing supply.
(Photo by Izhar Khan/Getty Images)
As the Housing Industry Association (HIA) noted, “Any delay or political grandstanding will only deepen the nation’s housing crisis.” Industry leaders are calling for immediate action to ensure that housing, whether to rent or own, becomes more accessible for Australians.
Key initiatives outlined by the government include:
- A $10 billion plan to build 100,000 new homes for first-home buyers, leveraging Commonwealth-owned land and fast-tracking state development approvals.
- An expansion of the Help to Buy scheme, raising income and property caps to help more buyers enter the market.
- A new focus on reducing barriers to homeownership, such as the exclusion of HECS debts from mortgage assessments, aimed at boosting borrowing power for younger buyers.
- Strategic investments to increase the housing supply, including $2 billion in concessional loans for state governments and $54 million to support the modular housing industry.
The Albanese government has pledged over $43 billion towards housing since taking office in 2022. However, as building approvals and completions continue to fall short of targets, the government faces the very real challenge of turning these commitments into tangible, affordable homes for Australians in the coming years.
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