Victoria to get $496m from social housing fund

VICTORIA will get nearly half a billion dollars to construct social housing under a new $2 billion federal government initiative.

Announced last weekend, the Social Housing Accelerator will distribute funds to all states and territories within two weeks.

States and territories will have some flexibility in how they use the funds – based on its population, Victoria will get $496 million – to permanently boost social housing stock, including new builds, expanding programs, renovating or refurbishing existing but uninhabitable stock, and must commit the funds to projects by no later than June 30, 2025.

“At every opportunity, we have added to our already ambitious housing agenda,” Corangamite federal member Libby Coker said.

“Every Australian deserves the security of a roof over their head, and our government is taking steps to deliver more homes across Australia.

“I’m committed to working with our state government to ensure this funding delivers more housing for communities throughout our region.”

Master Builders Australia (MBA) has welcomed the initiative.

“The Accelerator is a crucial step towards addressing the persistent issue of housing affordability in the country,” Master Builders Australia chief executive officer Denita Wawn said,

“The federal government’s dedication to collaborative efforts with industry stakeholders, as well as state and territory governments, to tackle the housing supply predicament is commendable.

“Australians are struggling with housing affordability, and this has persisted for decades due to a lack of supply keeping up with demand.

“Housing costs absorb substantial shares of household income and coupled with a difficult economic environment, this has major implications for living standards, quality of life and increased demand for social housing.

“Finding solutions to the issue of affordable housing is imperative as it poses one of the country’s biggest challenges, and we must work together to address it.

“Master Builders forecasts we will fall short of the 200,000 homes needed a year to meet demand.

“Many obstacles, such as planning impediments and lengthy approvals processes, prevent the construction of necessary homes.”

MBA is also urging Parliament to pass the government’s $10 billion Housing Australia Future Fund, but debate on this has been postponed until October.