Plan to cut housing waiting lists
Australia’s growing housing crisis is leaving many of our most vulnerable people in temporary accommodation or homeless as they wait years for secure affordable housing.
There are currently more than 225,000 applicants on housing waiting lists across Australia. The current waiting times for public housing are between two and 10 years, with some people having to wait up to 18 years for a secure and affordable home.
Our ‘Stronger Social Housing System’ initiative will build 120,000 new homes for those most in need over the next 10 years.
These new homes will not only assist those on housing waiting lists, but also take the heat out of the rental market and help make housing more affordable for all Australians.
Funded in part through our ‘Safe As Houses’ housing supply bonds finance mechanism, a relatively modest government investment of $25 million per year could raise $2 billion in affordable housing supply bonds; enough to finance the construction of 7,200 new homes a year. The bonds offered would appeal to a range of investors including government and financial institutions and ‘mum and dad’ investors.
By unlocking billions of dollars in new investment in social housing put an end to the chronic shortage of social housing while also providing secure investment opportunities and new construction jobs across Australia.
Our ‘Stronger Social Housing System’ plan will play a vital role in solving Australia’s affordable housing crisis and caring for those Australians under the most pressure.