Faith Housing Alliance is not a housing provider or a direct support service. If you are seeking emergency accommodation, visit Link2Home.

Federal Budget 2024-25: Important investments toward 1.2 million new homes, further opportunity to rapidly increase housing supply remains

Faith Housing Alliance CEO, Rose Thomson, welcomes the additional funding under the Albanese Government’s Housing for Australia Plan, saying –

“The measures announced by the Treasurer are targeted investments that further strengthen the government’s plan to build 1.2 million new homes by 2029 and take aim at emerging issues that could threaten to derail progress.

“In addition, $1.9 billion in concessional loans helps to reduce the costs of finance to community housing providers who will deliver homes under the Housing Australia Future Fund (HAFF).

“Increasing the maximum rates of Commonwealth Rent Assistance by 10% will help nearly a million households on the lowest incomes, supporting households to weather expected rental increases.

“Beyond reinforcing the government’s housing reform commitments, this budget misses an opportunity to go further to meet our national housing emergency with the scale of investment needed to address the chronic underinvestment in social housing.

“Inflationary pressures will undoubtedly be cited as a reason to take a measured approach at this time. But the strong call from Faith Housing Alliance and other peaks was to continue setting a bold agenda for reform.

“With the first round of HAFF likely oversubscribed with strong proposals from community housing providers across Australia, there is an immediate opportunity to realise the investment of time and resources from our members who have put forward projects by increasing investment to deliver well-located housing across metro and regional areas rapidly.

“We will be paying close attention to the detail in the National Agreement on Social Housing and Homelessness as it is signed with states and territories and to the progress of the National Housing and Homelessness Plan as the lynchpin strategy uniting efforts to achieve housing system reform and homelessness prevention.

“We will also be watching the Opposition’s budget reply on Thursday as we see the early framework for the next federal election shaping up.

“Our advocacy to governments to support individual and community wellbeing by providing the essential human right of a home remains focused on:

  1. Rapidly scaling up housing supply
  2. Extending wrap-around tenant supports
  3. Delivering an integrated planning pathway
  4. Unlocking well-located faith-owned land for housing

Budget highlights for housing and cost of living relief for renters on the lowest incomes with $6.2 billion in new funding for:

  • $1.9 billion to increase the maximum rates of Commonwealth Rent Assistance
  • $1.9 billion in concessional loan financing for social and affordable housing
  • $1 billion to help the states and territories deliver new housing infrastructure
  • $843 million to improve remote housing in the Northern Territory
  • $423 million towards the national agreement on social housing and homelessness
  • $89 million for construction workforce training

Want to dig deeper?

Read our housing budget measures summary

Read Faith Housing Alliance’s pre-budget submission

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Faith Housing Alliance is not a housing provider or a direct support service.

If you are seeking emergency accommodation, visit Link2Home.