Federal Budget 2024: $11bn Homes for Australia package to tackle housing crisis

BUDGET SPECIAL: The Albanese government is set to unveil an ambitious $11.3 billion budget package to build 1.2 million homes by the end of the decade to provide accommodation for women in crisis, low-income families and the homeless.

An $11.3 billion cash injection towards fixing Australia’s housing crisis will be the centrepiece of Tuesday’s federal budget, including $1 billion to help women and children fleeing domestic violence.

The massive investment, which the government hopes will help it meet its goal of building 1.2 million homes by the end of the decade, comes as recent polling has shown voters growing increasingly angry about soaring rents and falling home ownership rates.

National cabinet on Friday agreed to a $9.3 billion, five-year national agreement on social housing and homelessness, which will give states and territories money to combat homelessness, provide crisis support, and build and repair social housing.

Under the agreement, the states and territories will also kick in $400 million for the next five years to tackle homelessness, funds which will be matched by Canberra in a doubling of the Commonwealth spend in the area.

In a bid to get private home construction moving again the Albanese government has also agreed to give states and territories $1 billion to help them pay for new roads, sewers, energy, water and community infrastructure.

Prime Minister Anthony Albanese is facing growing anger about Australia’s housing crisis. Picture: Andrew Henshaw

In addition, in an attempt to ease the pressure of soaring rents caused in part by the influx of international students, the government announced it will force universities to increase their supply of student accommodation.

Prime Minister Anthony Albanese will announce the plan, to be called “Homes for Australia” in Launceston today (Saturday), with the full details to be released in Tuesday’s budget and the money to begin flowing from July.

Treasurer Jim Chalmers in his office at Parliament House. Picture: Martin Ollman

Mr Albanese said the budget would provide an additional $1 billion for social and emergency housing to support women and children escaping domestic violence, and ensure a new five-year funding agreement with states and territories for housing and homelessness.

“We are encouraging states and territories to kickstart building by providing an extra $1 billion to help fund the roads and services new homes need,” he said.

“This budget means more tradies, fewer barriers to construction, less talk and more homes.

“It’s a challenge facing Australians everywhere and it needs action from every level of government.”

Treasurer Jim Chalmers said housing was a big priority for the government and it would be a big focus of Tuesday’s Budget.

“Australia needs to build more homes more quickly and that’s what this investment will help to deliver,” he said.

“We’re delivering billions more in the budget to build more homes because we know that to address this housing challenge, we need to boost supply.”

Education Minister Jason Clare said the “ongoing sustainability” of the international education sector “means we need more purpose-built student accommodation.”

Got a news tip? Email [e-mail]