An Albanese Labor Government will create a $10 billion off-budget Housing Australia Future Fund to build social and affordable housing and create thousands of jobs now and in the long term.
The Housing Australia Future Fund would be managed by the Future Fund Board of Guardians (chaired by Hon Peter Costello AC).
This is an independent body that currently manages six public asset funds (as of 31 March 2021):
- the Future Fund ($178.6 billion)
- the Medical Research Future Fund ($21.4 billion)
- the Aboriginal and Torres Strait Islander Land and Sea Future Fund ($2.0 billion)
- the Future Drought Fund ($4.4 billion)
- the Emergency Response Fund ($4.5 billion)
- the DisabilityCare Australia Fund ($15.3 billion)
Each year investment returns from the Housing Australia Future Fund will be transferred to the National Housing Finance and Investment Corporation (NHFIC) to pay for social and affordable housing projects.
Over the first 5 years the investment returns will build around:
- 20,000 social housing properties.
- 4,000 of the 20,000 social housing properties will be allocated for women and children fleeing domestic and family violence and older women on low incomes who are at risk of homelessness.
- 10,000 affordable housing properties for frontline workers
Similar to Social and Affordable Housing Fund (SAHF), established and operated by the current NSW Government, a proportion of the investment returns will fund annual service payments that will be paid to community housing providers over 25-years to bridge the gap between rental revenue and operating costs.
Service payments will not commence until dwellings are completed and all the other contracted services are in place.
This will directly support 21,500 full-time jobs across the construction industry and broader economy, per year, over 5 years, nationwide - one in 10 direct workers on site will be apprentices.
In addition to this, a portion of the investment returns will be available to fund acute housing needs in perpetuity. This funding will be used for additional crisis, transitional and long-term social housing in parts of the country with the greatest need.
In the first 5 years these investment returns will fund:
- $200 million for the repair, maintenance and improvements of housing in remote Indigenous communities, where some of the worst housing standards in the world are endured by our First Nations people.
- $100 million for crisis and transitional housing options for women and children fleeing domestic and family violence and older women on low incomes who are at risk of homelessness.
- $30 million to build more housing and fund specialist services for veterans who are experiencing homelessness or at-risk homelessness.
A total of $1.7 billion dollars will be allocated to women. $1.6 billion for long term housing, and an additional $100 million for crisis and transitional housing options for women and children fleeing domestic and family violence, and older women on low incomes who are at risk of homelessness.
This housing will be fully built in accordance with principles of universal design which enable access for people with disability.