$2 billion social housing investment welcome

The St Vincent de Paul Society in Australia welcomes yesterday’s announcement by the Albanese Government of a $2 billion one-off direct investment in social housing.

The Social Housing Accelerator will see funds transferred to States and Territories in the next two weeks to build new social housing, or to renovate existing, but uninhabitable dwellings. Funding will be dispersed on a per capita basis, with smaller jurisdictions to receive a minimum of $50 million.

‘Yesterday’s announcement represents the biggest direct investment by a federal government in social housing since the Global Financial Crisis,’ National President Mark Gaetani said.

‘It is welcome and desperately needed to address the shortfall in the supply of social housing.

‘Social housing in Australia is in crisis and has plummeted to around 4 per cent of total dwellings after decades of neglect and under-investment.

‘With funding to be delivered to States and Territories within weeks, and States and Territories required to commit funds by 30 June 2025, the Social Housing Accelerator promises to make an important contribution to addressing Australia’s housing crisis in the next few years.

‘The Society particularly welcomes the commitment by the Australian Government that the Northern Territory and the Australian Capital Territory will receive a minimum of $50 million under the Social Housing Accelerator,’ Mr Gaetani said.

The Society supports the call by National Shelter, Australia’s peak body representing the housing interests of low-income households, for 20,000 new social dwellings to be added to the total social housing dwelling supply each year to meet current and future demand.

‘While we welcome yesterday’s announcement, a sustainable solution to Australia’s social and affordable housing crisis will only be achieved through a more reliable program of funding such as the Housing Australia Future Fund,’ Mr Gaetani said.

‘That is why the Society is calling on the Government, Coalition, minor parties and independents to support the establishment of the HAFF and ensure a pipeline of funding for social and affordable housing into the future,’ Mr Gaetani said.

MEDIA CONTACT DETAILS: MOB: 0475 068 209 | E: media@svdp.org.au