The Albanese Labor Government has invested over $32 billion across multiple programs to address Australia's housing crisis since taking office in 2022. The approach recognises that no single solution exists, instead requiring coordinated action across supply, affordability, planning reforms, workforce development, and support for vulnerable Australians.
At the centre of Labor's response is the $10 billion Housing Australia Future Fund, established on 1 November 2023, representing the single biggest investment in public housing in Australian history. The fund uses investment returns to build social and affordable housing, delivering 55,000 homes by mid-2029. Round 3, announced on 23 November 2025, will deliver over 21,000 new homes and includes $600 million in dedicated funding for First Nations housing with a 10% First Nations tenancy target. To date, over 5,000 social and affordable homes have been completed, with 25,000 more in planning and construction, supporting around 29,000 jobs annually across the economy.
For first home buyers, Labor has helped over 93,000 Australians into home ownership since 2022 through the expanded Home Guarantee Scheme. The scheme offers 50,000 places annually, allowing first home buyers to purchase with deposits as low as 5%, and single parents with just 2%. Labor has also launched Help to Buy, a $6.3 billion shared equity scheme where the government contributes up to 40% for new homes and 30% for existing homes, helping buyers save approximately $900 to $1,200 per month on mortgage repayments. With just a 2% deposit required, 40,000 households will be assisted over four years, with income caps expanded to $100,000 for singles and $160,000 for couples and single parents, and property price caps raised to reflect market conditions across different locations.
Labor has tackled planning delays and red tape through the National Planning Reform Blueprint agreed by National Cabinet in August 2023, which accelerates development pathways for social and affordable housing and streamlines approvals for well-located developments. The government paused changes to the National Construction Code until mid-2029 to provide regulatory stability for builders whilst maintaining 7-star energy efficiency standards. A strike team is fast-tracking assessment of over 26,000 homes awaiting EPBC Act approval, with artificial intelligence being piloted to simplify the process. The $1.5 billion Housing Support Program has funded 80 planning capability projects and provides essential infrastructure like roads, water, and power to unlock new housing developments.
Workforce development has been critical to delivering new homes, with the Key Apprenticeship Program supporting 4,675 housing construction apprentices in its first three months, providing up to $10,000 in financial support per apprentice. The most popular commencements have been in trades essential to building homes: over 1,700 carpenters and joiners, more than 940 plumbers, and more than 660 electrical trades workers. Labor has also committed $90.6 million for 20,000 additional Fee-Free TAFE places over two years from January 2025, alongside streamlined skills assessments for potential migrants in construction trades.
The National Housing Accord brings together federal, state and territory governments, local councils, institutional investors, and the construction sector with a target of 1.2 million new well-located homes over five years from 2024. Labor has committed $350 million for 10,000 affordable homes, with states and territories matching this for another 10,000. The $3 billion New Home Bonus provides performance-based incentives, paying states $15,000 for each new home built above their targets, aiming to deliver an extra 200,000 homes with payments beginning in 2028.
For renters and vulnerable Australians, Labor has increased Commonwealth Rent Assistance by 15%, the largest increase in 30 years, supporting nearly one million households. The government has committed $1 billion for crisis and transitional accommodation supporting women and children experiencing domestic violence and youth experiencing homelessness, representing nearly 20 times more funding than the previous Coalition government provided in a decade. Build-to-Rent legislation passed to support construction of 80,000 new rental homes with stable five-year tenancies, no-fault evictions prohibited, and 10% of dwellings as affordable tenancies with rents capped at 74.9% of market value.
Labor has also strengthened foreign investment rules to ensure homes are available for Australians, tripling application fees and doubling vacancy fees for foreign investors purchasing established homes, resulting in a combined sixfold increase in penalties for vacant properties. The government has implemented comprehensive migration reforms, with net migration reduced from 518,000 in 2022-23 to 446,000 in 2023-24, the first annual decrease since borders reopened. Stronger English language requirements for international students and the closure of COVID concessions have been key to this reduction.
Key Achievements:
$32 billion+ invested across housing programs
$10 billion Housing Australia Future Fund, largest public housing investment in history
55,000 social and affordable homes by mid-2029
93,000+ Australians helped into home ownership since 2022
$6.3 billion Help to Buy scheme saving buyers $900-$1,200/month
1.2 million homes target through National Housing Accord
4,675 housing construction apprentices supported in first three months
Planning reforms accelerating approvals for 26,000+ homes
Foreign investment penalties increased sixfold for vacant properties
Net migration reduced from 518,000 to 446,000
