“For too long, secure, affordable housing has been out of reach for too many Australians,” Chalmers said.
But Chalmers also acknowledged more homes were needed to help alleviate the pain in the rental market.
This is where the Housing Future Fund comes in.
What is the Housing Future Fund?
The government is also establishing a $10 billion Housing Australia Future Fund, which will build 30,000 new social- and affordable-housing properties in the first five years.
Once the fund has been established and begins generating returns, that money will be used to fund the projects.
Around 20,000 homes will provide social housing, 4,000 of which will be allocated to women and children leaving or experiencing domestic and family violence and older women on low incomes who are at risk of homelessness.
A further 10,000 homes will provide affordable housing for frontline workers like police, nurses and cleaners.
“Having a safe and affordable place to call home is critical for Australians,” Minister for Housing Julie Collins said.
“Our ambitious housing agenda will help ensure there will be a pipeline delivering new homes for Australians, and this fund will be a major component.
“This is a significant and long‑term investment, with returns being invested in new social and affordable housing across the country.”