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Treasurer Jim Chalmers says the budget will do “more to confront Australia’s housing problem” as the government commits thousands of houses and $350 million to help solve the issue. “Rents are through the roof, and many families are struggling to keep up, supply hasn’t kept up with demand, so that means too many struggle to live close to where they work,” he said. “For too many, the great Australian dream of homeownership seems completely out of reach.” Mr Chalmers said the Housing Australia Future Fund will build 30,000 new social and affordable homes in the first five years of its operation. He said the National Housing Infrastructure Facility will support an additional 5,500 houses, the Help to Buy scheme will help 40,000 Australians buy a home, and the First Homebuyer Guarantee will assist 10,000 more to buy. Mr Chalmers also said the new National Housing Accord will aspire to have one million “well-located homes” be built from 2024 to 2029. “To get the Accord started, this budget commits an additional $350 million in funding for another 10,000 new affordable homes on top of our existing commitments,” he said. “State and territory governments will build on our commitment with up to 10,000 new homes as well – that’s up to 20,000 affordable new homes in total.”

Government pledges $350 million to fund ‘10,000 new affordable homes’