Government to tip billions into new home builds in next week's federal budget

The federal government will tip billions of dollars into building new homes in next week's federal budget.The prime minister says the funding commitment is "less talk and more homes".

The facility's scope was broadened to be able to fund social and affordable housing, as well as enabling infrastructure, and $700 million of the stepped-up funding will be dedicated to supporting crisis and transitional housing.There is further evidence Australia's ongoing housing crisis is deepening as the national vacancy rate hits a record low of 0.7 per cent, according to Domain.Prime Minister Anthony Albanese agreed at a meeting of National Cabinet on Friday to also provide $9.

Housing Minister Julie Collins said the new money would ease pressure on Australians "doing it tough". "That's not right. There was no agreement. The funding ran out on July 1, this is a new agreement going forward," he said. Again, the prime minister dismissed the claim, instead accusing the Greens of standing in the way of other housing policies, including the government's so-called Help to Buy scheme.The government also announced its intentions to force universities to increase their supply of student accommodation for domestic and international students.

Nationally rental vacancies have collapsed to 0.7 per cent, a record low, Domain data has shown, with the issue even worse in some cities.

Source: Real Estate Daily Report (realestatedailyreport.net)

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