Social housing Qld: Government to double Housing Investment Fund to build thousands of new homes

The Palaszczuk government will build thousands of new social housing homes in a win for vulnerable Queenslanders.

The Palaszczuk government will double its Housing Investment Fund to build thousands of new social housing homes in a win for vulnerable Queenslanders struggling to put a roof over their heads.

The move will double the annual returns from the fund from $65m a year to $130m a year – giving the state government more money to pump into social housing.

The Courier-Mail understands the decision will mean construction will start on an extra 5500 social housing homes by 2027, on top of the 6365 the government had promised by 2025.

And it will bring the total number of homes built over the government’s housing strategy to 13,000.

Premier Annastacia Palaszczuk and Treasurer Cameron Dick will make the announcement at today’s housing summit, which the government called in response to The Courier-Mail’s Hitting Home series.

Under the new plan, the state government will inject an extra $1bn into the Housing Investment Fund – doubling its total value to $2bn.

The Courier-Mail understands the decision will mean construction will start on an extra 5500 social housing homes by 2027, on top of the 6365 the government had promised by 2025

Mr Dick unveiled the Housing Investment Fund in last year’s state budget, when it was initially forecast to make $40m a year.

The government has come under pressure to build more social housing after the state’s Auditor-General warned earlier this year that the current plan would not deliver enough homes to keep up with demand.

In the lead up to the summit, the Queensland Council of Social Service had called on the government to deliver an extra 5,000 social housing homes every year for the next decade.

Representatives from all three levels of government will attend the summit, including federal Housing Minister Julie Collins who will use the opportunity to spruik the Albanese government’s plan to create an “ambitious” housing reform agenda.

Queensland Premier Annastacia Palaszczuk. Picture: Madura McCormack

“The reforms we will introduce require all levels of government to work together with key stakeholders across the housing spectrum, to help ensure fewer Australians experience homelessness,” she will say in her speech.

“We understand that different states have different housing markets and many states have already taken significant actions to improve housing supply, affordability and the delivery of social and affordable housing.”

National Cabinet recently agreed to re-establish the Housing and Homelessness Ministerial Council, which will meet later this year as the federal government creates its policy.

“One of the many initiatives we are focusing on is improving the supply of social housing, in order to give Australian’s the security they deserve,” Ms Collins will say.

Originally published as Social housing Qld: Government to double Housing Investment Fund to build thousands of new homes