Last night, Treasurer Jim Chalmers handed down the 2024-2025 Federal Budget.

While there is a lot to dissect about the budget, it’s worth taking a look at what is being delivered for housing, so, we’ve put together this handy guide of housing measures in the budget:

 

A further $1 Billion for the states for the Construction of Social & Affordable Homes

The Government is making available a further $1 billion to states and territories to deliver new housing – including for connecting essential services such as water, power, sewerage and roads.

This investment expands on the $500 million already committed through the Housing Support Program to support enabling infrastructure to unlock more homes.

 

An increase in Commonwealth Rent Assistance

A $1.9 billion investment will increase the maximum rates of Commonwealth Rent Assistance by a further 10%.

This builds on the 15% increase made in September 2023, taking the increase to Commonwealth Rent Assistance maximum rates to over 40% since May 2022 including indexation.

 

Regulating universities to increase University Housing

To deliver more accommodation for students and to reduce pressure on the private rental market, the Government will work with the higher education sector to develop regulations that will require universities to increase their supply of student accommodation.

 

5 Year National Agreement on Social Housing and Homelessness with states and territories.

The Budget includes funding for a new five‑year, $9.3 billion National Agreement on Social Housing. Under the agreement, the Commonwealth will double its dedicated funding for homelessness services to $400 million a year – funding that states and territories must match.

The Government is targeting the $1 billion increase to the National Housing Infrastructure Facility to better support housing for women and children experiencing domestic violence and for youth.

 

20,000 additional Fee-Free TAFE places to strengthen the construction sector

The government is providing $88.8 million for 20,000 new fee‑free TAFE places, including increased access to pre‑apprenticeship programs, in courses relevant to the construction sector.

 

Concessional loans to Community Housing providers

The government will provide an additional $1.9 billion in concessional loans to community housing providers and other charities to support the delivery of new social and affordable homes under the Housing Australia Future Fund and National Housing Accord.

 

Lower foreign investment fees for established Build to Rent developments.

The government will assist foreign investors by allowing them to purchase established Build to Rent developments with a lower foreign investment fee, conditional on the property continuing to be operated as a Build to Rent development.