Treasurer Jim Chalmers will announce a plan to build 1 million new homes over the next 5 years from 2024 to 2029 as part of a historic deal between the federal government and states to mitigate the nation's housing crisis.
In his first budget, Dr. Chalmers is expected reveal the details of the government's plan to bring together the construction industry and super funds via multiple federal government and state-backed schemes to prioritise construction of affordable home to tackle the biggest challenge facing the nation and its economy.
The new commitment will be in addition to the $10 billion already pledged to the Housing Australia Future Fund to deliver 30,000 social and affordable homes. This will also be expanded by 20,000 to 50,000 social and affordable homes.
States and territories will help facilitate land release for new homes and are expected to contribute both financially and through administrative mechanisms.
The 200,000-new-homes-a-year plan is expected to increase housing supply in both rental and sales segments across Australia to enable "people who want to live near where they work", Dr. Chalmers told ABC Radio.
"..it's becoming harder and harder to live near where those job opportunities are".
"I've been working really closely and really hard with superannuation and other investors ... with the building and construction industry, and with the union movement, to see what we can do to shift the needle on affordable housing."
