HAFF is a critical step in creating housing for the most vulnerable says UDIA
Urban Development Institute of Australia (UDIA) urges the political leadership to pass the Housing Australia Future Fund (HAFF) bill when Parliament returns next week, so we can create housing for the people of Australia who need it the most.
“UDIA fully supports the Australian Government’s reintroduction of the HAFF through the Federal Senate which when fully deployed, will unleash $30billion of low-cost housing leveraged from private funding,” said Max Shifman, President, UDIA National.
The HAFF is Australia’s opportunity to build a foundation for a unique, world class affordable housing system that rivals the extensive government programs in other global nations like the UK, US and Europe.
Every month that the HAFF is delayed means another 500 affordable and social houses do not get built and the 30,000 dwelling target slips further out of reach.
We are facing a severe decline in rental properties with investor loans falling by 19%, rental dwelling stock pulling back by 20% and rental listing falling by 32% this year. Investors have been exiting the market in the face of increasing costs and prolonged, escalating interest rates. The impact has been immediate and stark, with a sharp increase in rental costs across the country as rent providers try to keep ahead of costs and new stock becomes more expensive to build and rent.
‘The best thing Australia’s political leadership can do for renters in the near term is to pass the HAFF so we can get as much low-cost rental as possible into the market. Any rent solutions that do not involve boosting housing supply does not address the market failure and will only make the problems worse,” said Mr Shifman.
Once the HAFF is passed, the real work begins. We need to free up more development ready land, enabling and major infrastructure, create incentives for more housing supply and streamline planning for housing to ensure the HAFF and other housing supply measures can do their job.
The UDIA National looks forward to working with Australia’s political leadership to utilise HAFF to ensure there is a home for all Australians.
Deanna Lane | National Media & Communications Manager | 0416 295 898 | firstname.lastname@example.org