As Australia’s housing affordability crisis worsens, governments are spending more on housing.
Victoria’s Andrews government has announced a suite of reforms (such as boosting social housing and making planning processes faster) in an effort to get 800,000 extra homes in Victoria over the next decade.
Federally, the Albanese government’s A$10 billion Housing Australia Future Fund, or HAFF, has passed the Senate with the help of the Greens, who supported the bill in exchange for another A$1 billion for social housing.
And this year’s federal budget has expanded eligibility for the Home Guarantee Scheme so more people can buy a home with a smaller deposit.
But is Australia ready for a house construction boom?
Supply chain constraints say no. Ballooning construction costs and labour shortages have already claimed well-known building firms across the country. Delivering thousands of extra new homes in the coming years will not be easy.
