Record funding for Housing in 2009-10 Budget
The Australian Government is tackling homelessness and housing affordability with a record $15.3 billion investment in housing programs.
Over the next three years the Rudd Government will invest $6.328 billion in building new public and community housing — the largest single amount ever committed by an Australian Government to social housing construction.
This incorporates $6.1 billion in funding for social housing from the Nation Building Economic Stimulus Plan and $200 million from the National Partnership Agreement on Social Housing.
The Government’s investment in social housing will build over 20,000 new social housing dwellings and repair over 47,000 existing properties, more than 10,000 of which would have become uninhabitable without major work.
In the second stage of this initiative, $5.3 billion of new construction projects will be funded. This is in addition to projects approved in 2008/09 on milestone payments will continue to be made in 2009/10.
Social housing spending will support up to 15,000 jobs according to Treasury estimates.
This significant increase in funds for social housing will greatly contribute to achieving our target of halving homelessness by 2020.
In addition to the social housing package, the Government is also investing:
- $4.95 billion over four years for the National Affordable Housing Agreement, to help people struggling in the private rental market including low income families, homeless people and Indigenous Australians in remote areas;
- $2.01 billion over four years for the National Partnership Agreement on Remote Indigenous Housing to address overcrowding, homelessness, poor housing conditions and shortages in remote Indigenous communities;
- $525.6 million over four years for the National Partnership Agreement for Homelessness including $125.6m for A Place to Call Home. States and territories are matching these funds;
- $1.04 billion over four years in the National Rental Affordability Scheme, with additional indexation to be applied during the forward estimates period, to help build over 46,000 new affordable rental dwellings; and
- $459.8 million for the Housing Affordability Fund, to lower the cost of building new homes.
The Australian Government is developing and funding bold and ambitious housing plans to help keep our economy strong.