Queensland boosts Housing Investment Fund to $130m
One state government has made a major move towards solving its housing crisis, with a $130m boost to help the most vulnerable.
A new funding boost of $130 million into the Queensland housing sector will create better stability for vulnerable tenants, according to the state government.
Premier Annastacia Palaszczuk announced on Thursday at the Queensland Housing Summit her government will double the size of its Housing Investment Fund by injecting $130 million each year into the state’s housing sector.
The Queensland Housing Summit hosted in Brisbane on Thursday welcomed government, private and public sector stakeholders to discuss the housing crisis facing the state.
Stakeholders worked together to come up with possible solutions, from unlocking land and housing, to fast tracking social housing development, housing equity and collaboration by the government and private sector.
The summit comes as the country grapples with a lack of housing and a hike in cost of living pressures.
The premier said “families are counting on us”.
She said many people relocated to the Sunshine State as a result of the pandemic, causing further pressure on the housing market.
Data recently released by the Australian Bureau of Statistics shows Queensland’s population has grown by 1.8 per cent in the year to March 31.
It added more than 92,000 new residents, taking its population to 5.296 million.
Ms Palaszczuk said the government would be increasing its funding from $65m to $130m to help with the commencement of new homes in Queensland.
“This increased investment means we are now targeting an additional 5,600 new social and affordable homes by 2027,” she said.
“It means we will be able to provide a long term sustainable source of funding to build new homes for Queenslanders.
“Doubling the size of that fund means we’ll now have $130m each year to create new housing stock where it’s needed most.”
YWCA CEO Michelle Phillips said the summit was a great first step, but a long-term collaborative is needed to create housing for those facing homelessness – particularly women and their families.
“The summit presented some progressive solutions today that when implemented will positively impact the current housing crisis,” Ms Phillips said.
She said she also welcomed the additional $1 billion in funding.
“This will be a game changer for many women experiencing homelessness, women and children who are trapped in unsafe domestic violence situations and older, displaced Australian women,” Ms Phillips said.
“By stretching the funding dollar and by working alongside government and sector partners, YWCA Australia welcomes the opportunity to continue to play a pivotal role in ending homelessness for women.
“There’s a lot that needs to happen, new solutions to be explored.
“It won’t be a quick fix, but it does map a hopeful road forward for women and their families who have nowhere to live.”
Minister for Housing and Communities Leeanne Enoch said more vulnerable Queenslanders will be able to access housing sooner under the new plan.
“This takes our investment in social and affordable housing to almost $4 billion, setting a new record for the largest concentrated investment in Queensland’s history,” Ms Enoch said.
“Unprecedented pressure on the housing market has highlighted the importance of government and the private sector working together to deliver positive outcomes for all Queenslanders in need of housing solutions.”
Treasurer Cameron Dick said the fund will provide a long-term, sustainable source of funding to build homes for Queenslanders.
“This additional investment also recognises the impact that rising costs of building materials and labour is having on prices right across the construction sector to secure much needed additional supply,” Mr Dick said.
“Doubling the size of the fund also means returns and will now see the HIF deliver $130 million each year ongoing to create new housing stock where it is needed most.
“Tackling housing affordability is not just about more money, it’s also about more innovative solutions.
“We want to encourage more opportunities for private sector investment, including from superannuation funds, to create another supply pipeline for housing.”
Opposition leader David Crisafulli, who also attended the summit, urged the government to set annual targets.
“Queenslanders want solutions today,” he said.
“We all need to make sure that everything put on the table can be delivered as quickly as it can and the only way to do that is to make sure we measure it and are held accountable for the commitments that are made.
“A good outcome will be targets that everyone will be held accountable, from across governments, private sector and the public sector.
“If that can come out of today, that will be successful.”
Ms Palaszczuk said the money will be dedicated to building new homes while also recognising the rising costs within the building sectors.
Q Shelter’s executive director, Fiona Caniglia, said the summit was a chance for everyone to look at providing a wider scope for housing options.
Ms Caniglia suggested an option to consider would be providing capital funding or a Trust in order to sustain a more “healthy” housing market.
The summit follows a continuing concerning trend where everyday Australians are struggling to either find a rental or be able to afford the one they’re currently living in.
Many families are being forced out of inner city suburbs in order to find somewhere they can afford, with many finding themselves living away from their support networks.
The PropTrack Market Insight Report revealed the share of rental properties available for less than $400 a week has dropped from 41.8 per cent at the start of the pandemic to just 19.3 per cent in October.
The report analysed the number of rental properties advertised on realestate.com.au and concluded there is a worrying lack of rentals across the country.
Federal Minister for Housing Julie Collins attended the summit on the innovation of Queensland’s housing sector.
Ms Collins said she was looking forward to working with everybody across the industry.
“We want to work with all tiers of government, with the building and construction sector, with the industry, with homelessness service providers and with the social housing sector,” Ms Collins said.
Federal Cabinet is expected to discuss the national housing crisis at its December meeting.
Ms Palaszczuk said she would be tabling an outcome report from Thursday’s summit in parliament in November.
Trio wins economics Nobel for work on wealth inequality
Trio wins economics Nobel for work on wealth inequality
Socceroos hope to emulate famous win
The feeling the Socceroos had after their famous win over Japan at the 2006 FIFA World Cup is something national coach Tony Popovic wants his players to also experience in Saitama on Tuesday night.