The Australian government has launched the $11.3 billion Homes for Australia initiative to tackle housing challenges, but a Ray White economist believes more action is needed to meet the goal of building 1.2 million new homes.
Homes for Australia: Major funding allocations
The plan allocates $9.3bn over five years to tackle homelessness, enhance crisis support, and fund the construction and repair of social housing. An additional $1bn is earmarked for essential infrastructure like roads and sewers, which are crucial for new housing developments. Another $1bn will go towards crisis and transitional accommodation for women and children escaping domestic violence.
“Fundamentally, the role of the federal government is to provide housing for our most vulnerable, and this is what the budget does,” said Nerida Conisbee, chief economist at Ray White.
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