National Cabinet – Working Together to Deliver Better Housing Outcomes

The Albanese Labor Government is continuing to implement its ambitious housing reform agenda, working with states and territories through National Cabinet to deliver more secure and affordable housing.
National Cabinet has agreed to an ambitious new national target to build 1.2 million well located new homes over five years, from 1 July 2024. This is an additional 200,000 new homes above the National Housing Accord target agreed by states and territories last year.
This ambitious target will be supported by the Housing Support Program, a $500 million competitive funding program for local and state governments to kick-start housing supply in well-located areas through targeted activation payments like connecting essential services, amenities to support new housing developments, or building planning capacity.
The updated target will help align supply with expected demand over the next five years, and when linked with Commonwealth infrastructure funding, will produce more neighbourhoods and communities that have the services they need.
In addition, the Commonwealth has committed to $3 billion for performance-based funding, the New Home Bonus, for states and territories that achieve more than their share of the one million well-located home target under the National Housing Accord.
National Cabinet has also agreed to A Better Deal for Renters to harmonise and strengthen renters rights across Australia. This includes:
– Developing a nationally consistent policy to implement a requirement for genuine
reasonable grounds for eviction.
– Moving towards limiting rental increases to once a year.
– Phasing in minimum rental standards.
These changes will make a tangible impact for the almost one-third of Australian households who rent.
National Cabinet also agreed to a National Planning Reform Blueprint with planning, zoning, land release and other measures to improve housing supply and affordability.
The reforms agreed by National Cabinet build on the Government’s existing housing initiatives, including:
• The $10 billion Housing Australia Future Fund, which will help fund 30,000 new
social and affordable rental homes in its first five years;
• A new $2 billion Social Housing Accelerator to deliver thousands of social homes across Australia;
• $350 million to deliver 10,000 affordable homes through the National Housing Accord
over five years from 2024;
• Up to $575 million in funding unlocked from the National Housing Infrastructure Facility with homes already under construction across the country;
• Increasing the maximum rates of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years;
• Additional $2 billion in financing for community housing providers for more social and affordable rental housing through the National Housing Finance and Investment Corporation;
• New incentives to boost the supply of rental housing by changing arrangements for investments in built-to-rent accommodation;
• $1.7 billion one-year extension of the National Housing and Homelessness Agreement with States and Territories, including a $67.5 million boost to homelessness funding over the next year;
• Recommenced the Housing and Homelessness Ministerial Council with multiple meetings of Ministers to drive reforms across the country;
• Created the Interim National Housing Supply and Affordability Council to deliver independent advice to Government on ways to improve housing supply and affordability; and
• Helped more than 50,000 Australians into home ownership through the Home Guarantee Scheme, including more than 6,000 through the Regional First Home Buyer Guarantee. The scheme has now been expanded significantly – changes will see friends, siblings, and other family members eligible for joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee. These guarantees had previously been restricted to people that were married or in a de facto relationship, in addition to single applicants.