The Albanese Labor Government has taken action on housing, investing over $32 billion across multiple programs to increase supply, support renters, and help Australians into home ownership. Since taking office in 2022, Labor has recognised that solving the housing crisis requires coordinated action across all levels of government, industry, and the community sector.

Housing Australia Future Fund: $10 Billion Investment

The Housing Australia Future Fund (HAFF) represents the single biggest investment in public housing in Australia's history. Established on 1 November 2023 with $10 billion, the fund uses investment returns to build social and affordable housing.

Fund Performance:

• Fund has grown to $10.885 billion by December 2024

• Delivering 7.5% return since inception in November 2023

• Each year, $500 million in investment returns funds new housing construction

Delivery Targets:

• 30,000 new homes in first five years

• 20,000 social housing homes (including 4,000 for women fleeing domestic violence and older women at risk of homelessness)

• 10,000 affordable rentals for frontline workers

• $200 million for remote Indigenous housing

• $100 million for crisis housing for women and children

• $30 million for veteran housing and services

Progress to Date:

• More than 13,700 social and affordable homes in contract negotiation phase (first round)

• Round 3 announced 23 November 2025: delivering over 21,000 new homes

• Supporting around 29,000 jobs annually across the economy to June 2029

• Total government commitment: 55,000 social and affordable homes by mid-2029

• Over 5,000 social and affordable homes completed, with 25,000 more in planning and construction

Round 3 Innovations:

• Opens late January 2026

• $600 million dedicated funding for First Nations housing

• 10% First Nations tenancy target across all social housing

• New regional and rural component for remote Australia

• Simpler demand-driven application process

• New delivery partnerships between community housing, governments and industry

Help to Buy: Shared Equity Scheme

Labor's Help to Buy scheme helps eligible low and middle-income Australians enter the property market with smaller deposits by providing government equity contributions.

How It Works:

• Government contributes up to 30% for existing homes

• Government contributes up to 40% for new homes

• Buyers need only 2% deposit minimum

• Avoids lenders' mortgage insurance (LMI)

• 40,000 places over four years (10,000 annually)

2025 Budget Expansion ($6.3 billion total):

• Income caps increased: $90,000 to $100,000 for singles

• Income caps increased: $120,000 to $160,000 for couples and single parents

• Property price caps substantially raised to reflect market prices:

  • Sydney: $1.3 million

  • Brisbane: $1 million

  • Melbourne: $950,000

Savings for Buyers:

• Approximately $900 per month saved on existing properties

• Approximately $1,200 per month saved on new builds

• $800 million additional investment allocated

Special Provisions:

• Must be Australian citizen aged 18+

• Cannot own other property

• Must live in home as principal residence

• Voluntary repayments allowed to increase equity share

• Homeowners can make improvements over $20,000 without government benefiting from added value

• Special provisions for single parents

• Applications opening late 2025

National Housing Accord: 1.2 Million Homes Target

The National Housing Accord (2022) brought together federal, state and territory governments, local councils, institutional investors, and the construction sector to tackle the housing crisis collaboratively.

National Target:

• 1.2 million new well-located homes over five years from 2024

• Updated at National Cabinet in August 2023 from original 1 million target

Commonwealth Commitments:

• $350 million over five years for 10,000 affordable homes

• States and territories matching for another 10,000 homes (20,000 total affordable dwellings)

• $3.5 billion in payments to state, territory and local governments

• Availability payments through Housing Australia Future Fund

• Identifying suitable Commonwealth land

• Australian Skills Guarantee extension to housing projects

State and Territory Commitments:

• Expedited zoning, planning and land release

• Opportunities near train stations and TAFE campuses

• Planning reforms with local governments

• Building strong Community Housing Provider sector

State Allocations (20,000 affordable dwellings):

• NSW: 3,100

• Victoria: 2,546

• Queensland: 2,049

• Western Australia: 1,076

• South Australia: 700

• Tasmania: 220

• Northern Territory: 96

• ACT: 175

Social Housing Accelerator: $2 Billion

Announced in June 2023, the Social Housing Accelerator provides direct funding to states and territories for rapid housing delivery.

Key Features:

• $2 billion total funding

• Funds delivered within two weeks of announcement

• Aiming to create approximately 4,000 new and refurbished homes

• States have flexibility: new builds, program expansions, or renovating uninhabitable stock

• All funding to be committed by 30 June 2025

Progress as of 30 June 2024:

• $150.5 million of $2 billion spent

• 1,834 dwellings committed, commenced, or completed (out of 3,891-3,978 planned)

• Largest allocations: NSW ($610.1M), Victoria ($496.5M), Queensland ($398.3M)

State Progress:

• NSW leads with 896 dwellings in various stages

• Western Australia: 320 dwellings

• Projects must be additional to business as usual

• Six-monthly Statements of Assurance required

Home Guarantee Scheme: 93,000+ Australians Helped

Labor has expanded the Home Guarantee Scheme to help more Australians into home ownership with lower deposits.

Scheme Structure (50,000 places annually):

• 35,000 First Home Guarantee places

• 10,000 Regional First Home Buyer Guarantee places (to 30 June 2025)

• 5,000 Family Home Guarantee places (to 30 June 2025)

Expanded Eligibility:

• Extended to permanent residents (not just citizens)

• Any two applicants can apply jointly (friends, siblings)

• Family Home Guarantee expanded to single legal guardians (aunts, uncles, grandparents)

• Includes those who haven't owned property in Australia for past ten years

Deposit Requirements:

• First Home Guarantee: as low as 5% deposit

• Family Home Guarantee: as low as 2% deposit for single parents/guardians

Results:

• Over 93,000 Australians helped into home ownership since 2022 election

• Over 300 joint applications approved between siblings, friends, parents and children (first six months since July 2023 expansion)

Regional Exemptions:

• New exemptions to 12-month residency requirement for workers required to relocate by employers

• Previously limited to Defence Force only

Housing Support Program: $1.5 Billion

The Housing Support Program targets infrastructure and planning barriers preventing new housing development.

Stream 1: Planning Capability ($500M)

• Announced 5 July 2024

• 80 projects funded (73 local government, 7 state/territory)

• Major projects include:

  • Blacktown City Council: $1.5M study for 50,000 new homes around nine train stations

  • Victoria Planning Cadet Program: $1.2M to boost regional planning capability

  • Flinders University: $355K for new Bachelor in Urban and Regional Planning

  • Bundaberg hospital precinct plan: $150K for 1,300 dwellings

  • Kowanyama Aboriginal Shire Council: $160K for Future Housing Supply Strategy

Stream 2: Community Enabling Infrastructure ($450M)

• Funds essential infrastructure: roads, water, power, sewage, community centres, parks

• Currently being assessed, announcements expected late 2024

Stream 3: Priority Works ($1B - announced 2024-25 Budget)

• 75% for major enabling infrastructure (roads, utilities, demolition, community infrastructure)

• 25% for states to build new social housing

• At least 60% of projects must complete by June 2026

• All remaining works by June 2027

New Home Bonus: $3 Billion Incentive

The New Home Bnus pays states and territories $15,000 for each new home built above their original housing targets.

Key Features:

• Aims to deliver extra 200,000 homes

• Total target: 1.2 million new homes over five years

• Payments begin in 2028

• Rewards states exceeding targets (not divided by population)

• Performance-based funding to drive competition between states

Skills and Workforce: Building the Housing Workforce

Labor has invested heavily in training construction workers to deliver the housing supply needed.

Key Apprenticeship Program:

• 4,675 housing construction apprentices supported in first three months

• Up to $10,000 financial support per apprentice

• Milestone payments: $2,000 at 6, 12, 24, 36 months, plus completion

• Most popular: 1,700+ carpenters/joiners, 940+ plumbers, 660+ electrical trades workers

• Nearly 1,500 regional apprentices (almost one-third of total)

Fee-Free TAFE ($90.6M package in 2024-25 Budget):

• 20,000 additional Fee-Free TAFE places over two years from January 2025

• $62.4M for 15,000 Fee-Free TAFE and VET places

• $26.4M for 5,000 pre-apprenticeship programmes

• Builds on existing success: 355,000+ student enrolments to December 2023 (including 24,000 in construction)

Skills Assessment Streamlining:

• $1.8M to streamline skills assessments for ~1,900 potential migrants from comparable qualification countries

• Prioritise processing for ~2,600 Trades Recognition Australia skills assessments

• Addresses 27,900 construction job vacancies (56% above long-run average, 68% above pre-pandemic)

Planning and Approval Reforms

National Planning Reform Blueprint: Agreed by National Cabinet in August 2023 with ten key measures:

• National vision for urban and regional planning policy

• Standardised housing terms across jurisdictions (legislation by July 2024)

• States must align strategic plans with national housing supply targets

• Regular reporting to National Cabinet

• Accelerated development pathways for social and affordable housing

• Streamlined approvals for well-located developments

• Identification of 'development ready' land

• Protection of environmentally and economically significant areas

• Priority for medium and high-density housing near public transport

National Construction Code Pause: Announced 24 August 2025:

• Pause on NCC changes until mid-2029

• 7-star energy efficiency standards maintained (adopted 2022)

• Excludes essential safety and quality changes

• Three-year update cycle extended by one year for regulatory stability

EPBC Act Strike Team:

• Fast-track assessment of 26,000+ homes awaiting approval

• Piloting artificial intelligence to simplify assessments

• New Ministerial guidelines for rapid assessment pathways

Build-to-Rent: 80,000 New Rental Homes

Labor passed legislation to support construction of around 80,000 new rental homes through tax breaks for build-to-rent projects.

Requirements:

• Developments must have 50+ dwellings

• Single ownership maintained for minimum 15 years

• 10% of dwellings must be affordable tenancies

• All tenancies offered for minimum five-year terms

• Affordable tenancies managed by community housing organisations

• No-fault evictions prohibited

• Affordable rents capped at 74.9% of market value

Benefits:

• Existing developments (constructed or under construction before last year's Budget) can access incentives

• Could provide up to 1,200 affordable homes immediately

• Support from Property Council, National Shelter, Community Housing Industry Association

• Over 60% public support, rising to 71% among renters

Crisis and Transitional Accommodation: $1 Billion

The National Housing Infrastructure Facility includes $1 billion for crisis and transitional accommodation.

Funding Breakdown:

• $700 million in grants

• $300 million in concessional loans

• Supports women and children experiencing domestic violence

• Supports youth experiencing homelessness

• Funds new construction and conversion of existing buildings

Impact: "Since coming to office, the Albanese Government is investing nearly 20 times more funding in crisis and transitional accommodation and programs than the previous Coalition government did in a decade."

National Agreement on Social Housing and Homelessness

Commenced July 2024, this agreement commits substantial ongoing funding for social housing and homelessness services.

Commonwealth Funding for 2024-25:

• Approximately $1.779 billion total

• $1.379 billion in general funding

• $400 million in specified homelessness funding (states and territories must match)

Requirements for States:

• Maintain publicly available housing and homelessness strategies

• Deliver detailed implementation plans

• Regular reporting against National Outcomes Framework

• Improved national data collection

Services Supported:

• Homelessness: crisis accommodation, counselling, advocacy, housing assistance, outreach, financial and employment assistance

• Social housing: public housing, State Owned and Managed Indigenous Housing, community housing, Indigenous community housing

Closing the Gap Integration:

• Decisions affecting Aboriginal and Torres Strait Islander communities made through formal Partnership Bodies

• Appropriate representation from Indigenous communities and housing peak bodies

• Recognises disproportionate housing inequality affecting First Nations people

National Housing Finance and Investment Corporation Boost

Announced May 2023, Labor increased NHFIC's capacity to provide low-cost, long-term finance to community housing providers.

Key Changes:

• Liability cap increased from $5.5 billion to $7.5 billion from 1 July 2023

• Delivered through NHFIC's Affordable Housing Bond Aggregator

• Expected to support approximately 7,000 new social and affordable dwellings

Context:

• Response to NHFIC's State of the Nation's Housing 2022-23 report

• Report projected housing shortfall of 106,300 dwellings over five years to 2027

• Driven by population growth, construction costs, interest rate increases

National Housing Supply and Affordability Council

Established as statutory body under 2023 legislation, operations began January 2024.

Purpose:

• Independent advisory body providing expert guidance

• Advises on national housing policy when requested by Housing Minister

• Initiates own research and recommendations

• Members appointed for four-year terms

Composition:

• Experts from government, industry, community sectors, academia

• Specialist knowledge: economics, residential construction, planning, social housing, First Nations housing, homelessness

• Supported by Treasury secretariat

Requirements:

• Publish annual reports detailing research findings

• Provide analysis of Australia's housing system

• Evidence-based policy making for long-term housing challenges

Foreign Investment Reforms

Labor has strengthened foreign investment rules to boost housing availability for Australians.

For Foreign Investors Purchasing Established Homes:

• Triple application fees (e.g., $84,600 on $1.1M property, up from $28,200)

• Double vacancy fees if properties left empty (e.g., $169,200 annual fee)

• Combined sixfold increase in penalties for vacant established dwellings

• Requirements to sell properties when leaving Australia if not permanent residents

Encouraging New Housing Supply:

• Application fees for Build to Rent projects cut to lowest commercial level

• Supports development of long-term rental options

Enhanced Compliance:

• ATO compliance regime strengthened

• Ensures foreign investors follow rules

Home Lending Reforms: HELP Debt Excluded

Announced February 2025, reforms allow banks to responsibly disregard HELP (formerly HECS) debt when assessing mortgages.

Key Changes:

• APRA and ASIC updating guidance to banks

• Banks can exclude HELP debt from serviceability calculations if borrower expected to pay off student debt in near term

• Addresses significant barrier for young Australians

Impact:

• Eligible borrowers could see borrowing capacity increase by $23,000

• Practical reform helping first home buyers with student debt

Migration System Reform

Labor is fixing Australia's "broken" migration system, with the comprehensive Parkinson Review finding it required a "10-year rebuild."

Parkinson Review Findings:

• Migration system "not fit for purpose" with unclear objectives

• Failing to attract most highly skilled migrants

• Unable to efficiently connect businesses with needed workers

• Creating "systemic exploitation" of temporary migrants

• Eroding public confidence

• More than 1.8 million temporary migrants with no clear pathway to permanency

Labor's Reforms:

• Closed COVID concessions driving temporary migration surge

• Stronger English language requirements for international students

• Skills in Demand visa replacing Temporary Skills Shortage visa

• Core Skills Occupation List focusing on construction, cyber security, agriculture, health

Results:

• Net migration projected to more than halve from 528,000 (2022-23) to 260,000 (2024-25) (Update - these figures have been revised to 330,000)

• Permanent migration intake decreasing from 190,000 to 185,000 in 2024-25

• International student numbers falling as integrity measures take effect

Opposition Blocking:

• Coalition voted against international student caps

• Opposed measures to improve quality and integrity of international education

• Haven't explained how they'd achieve migration targets without harming regional economies and universities

The Bottom Line

Labor has taken comprehensive action on housing with over $32 billion invested across multiple programs. The government has recognised that solving the housing crisis requires no single solution but coordinated effort across supply, affordability, planning reform, workforce development, and support for vulnerable Australians.

Key Achievements:

✓ $10 billion Housing Australia Future Fund (largest public housing investment in history)

✓ 55,000 social and affordable homes by mid-2029

✓ Over 5,000 homes completed, 25,000 more in planning/construction

✓ 93,000+ Australians helped into home ownership

✓ $6.3 billion Help to Buy scheme

✓ 1.2 million homes target through National Housing Accord

✓ $2 billion Social Housing Accelerator

✓ $1.5 billion Housing Support Program

✓ $3 billion New Home Bonus

✓ 4,675 housing construction apprentices supported

✓ 80,000 build-to-rent homes legislation passed

✓ $1 billion crisis and transitional accommodation

✓ $1.779 billion annual social housing and homelessness funding

✓ National Planning Reform Blueprint agreed

✓ Migration cut from 528,000 to 330,000