“The Government’s goal to build one million homes in the next five years is necessary to ensure housing supply is able to keep up with demand,” stated Jocelyn Martin, Deputy Managing Director – Policy and Industry.

“The passage of the ‘Housing Australia’s Future Fund Bill 2023’ is an important step toward addressing the ongoing decline of housing affordability,” added Ms Martin.

“An inadequate supply of additional housing over many years is the reason why there is intense competition to secure housing. The intense competition is evident across the spectrum of the housing market.

“Tackling housing affordability starts with making the supply of housing a national priority and improving affordability can enable more households to own their own homes. ‘Housing Australia’s Future Fund Bill 2023’ is an important step toward achieving this goal.

“Private and social housing work hand in hand, the more homes on the private market mean cheaper rents for those that can’t afford to buy a house.

“The Bill will seek to create important advisory bodies such as the National Housing Supply and Affordability Council to advise Government on how to increase housing supply.

“All sides of politics should view the passing of the Housing Australia’s Future Fund Bill 2023 as the first step in a long journey to addressing affordability.

“It is important that the role of the Australian Government in addressing the affordability challenge continues to grow with the passage of this legislation,” concluded Ms Martin.