The Australian government’s flagship policy to deliver 40,000 affordable and social homes is at significant risk of falling short of its ambitious target, according to a critical audit. Despite a substantial investment, the Housing Australia Future Fund, a cornerstone of the government’s housing agenda, may not meet its goals, with concerns raised about cost management and delivery timelines.
Audit Highlights Delivery Concerns for Housing Fund
An independent audit of the $10 billion Housing Australia Future Fund has cast doubt on the government’s ability to achieve its pledge of creating 40,000 new social and affordable homes. The report, compiled by the auditor-general, found that the Treasury department has not fully assumed responsibility for the scheme, which is projected to incur significant costs for future taxpayers over the next 25 years.
The Housing Australia Future Fund was a key promise made by Prime Minister Anthony Albanese during the 2022 election campaign. The intention was to use the interest generated from the $10 billion corpus to fund social and affordable housing initiatives, addressing a long-standing deficit in housing supply that has struggled to keep pace with population growth over the past two decades. Following initial parliamentary delays, the fund was ultimately approved in November 2023.
Progress and Projections Under Scrutiny
As of April this year, the fund had
