Evolve Housing welcomes government’s $10b Housing Australia Future Fund to help housing crisis

Feb 17, 2023 , , , , , ,

Australia is currently in the midst of a housing crisis with demand outstripping supply. To add fuel to the fire, more Aussies are at risk of homelessness with more than 6,000 dwellings to be potentially lost under the National Rental Affordability Scheme (NRAS) in 2023, and a total of 36,000 by 2026. This is due to the current subsidy underpinning the provision ceasing and there is yet to be a new subsidy identified to help save the NRAS dwellings.  

The Labor Government has introduced legislation for their $10b Housing Australia Future Fund which will see 30,000 social and affordable homes built in the first five years of the fund, and investment returns would be used in perpetuity to construct more.  

The Honourable Member for Fowler Ms Dai Le MP, spoke in parliament where she stressed the urgency of more social and affordable housing to assist the most vulnerable members of society. Her electorate has been identified as having the sixth-highest rate of families in public and social housing across Australia and the fourth-worst rental affordability in the country. Furthermore, 46% of rental households have rental payments that are more than 30% of their household income.  

“There is little room to negotiate, with rental vacancy rates in Sydney at 1.3%. In Sydney’s south-west, the vacancy rate is at one per cent as of January 2023,” Ms Le argued.  

“The Reserve Bank has just made its ninth interest rate rise in a row, causing more financial stress and pressure for our middle-income-earning Australians.” 

After speaking with several community housing providers, including Evolve Housing, she told parliament that a 2021 report by National Housing Finance and Investment Corporation (NHFIC) stated that there needed to be 45,000 social and affordable homes are required each year to tackle the current housing crisis. Currently there are almost 60,000 applicants on NSW Social Housing waiting list and it takes anywhere from 5-10+ years to find a suitable property across Sydney Metropolitan area. 

Evolve Housing Group CEO, Lyall Gorman welcomes the government’s initiative $10b Housing Australia Future Fund which will see 30,000 social and affordable homes to help relieve pressure on the housing waiting lists.   

“There has never been a more important time to develop social and affordable housing across Australia, and this project will deliver new homes for those most in need.  

“We are looking forward to working with the State and Federal Governments in this exciting new initiative that will help improve the lives of vulnerable Aussies.”  

With a State Election just around the corner, Aussies have a chance to put pressure on our state leaders to act and make a difference.  Community Housing Industry Association (CHIA) NSW, Evolve Housing, Business Western Sydney and the Confront The Crisis campaign are inviting you to be part of the Confront the Crisis in Western Sydney forum.  

You will hear from people who are facing the housing emergency, as well as experts in the housing and business sectors.   

Register now on the link below for the event on Wednesday, February 22 from 10am – 11am (doors to open at 9.30am).   

https://www.eventbrite.com.au/…/confront-the-crisis-in…  

Categories

Tags