Media Release by The Hon Brendan O’Connor MP

Gillard Government delivers 10,000 more affordable rental homes

The Gillard Government has delivered 10,000 affordable rental homes for low and moderate income earners under the National Rental Affordability Scheme (NRAS) the Minister for Housing and Homelessness Brendan O’Connor announced today.

The Minister today opened 27 new apartments in West Melbourne, delivered by Common Equity Housing Limited under NRAS.

“We know that housing affordability is a concern for many families,” Mr O’Connor said.

“This Government has responded with $20 billion worth of measures to help people with home ownership and more affordable rental housing.

“The $4.5 billion National Rental Affordability Scheme is a key part of this.

“Working in partnership with the States and Territories, NRAS will deliver 50,000 new more affordable rental homes across the country.

“Under NRAS, the business and community sectors receive financial incentives to build new homes and rent them to low and middle income households at a rate that is at least 20 per cent below the market rate.

“We know that NRAS tenants are saving on average $86.50 per week, or $4,472 per year, on a median weekly national NRAS rent of $245.

“Data from 2011-2012 shows 15,719 people lived in NRAS homes across Australia, including nurses, police officers, teachers, child care workers and retail workers.

“Many were children and young people, with more than 5,115 who were less than 17 years of age.

“The Gillard government remains committed to delivering 50,000 NRAS homes by 30 June 2016.

“The scheme has progressed significantly in recent months, with 4,768 new homes completed from 1 January 2012 to 30 September 2012 – an average of 530 new homes per month.”