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“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.
“Today's increase in interest rates will further reduce the number of new homes Australia builds at the time when increased supply is the only sustainable solution to the affordability challenge,” stated HIA Senior Economist Tom Devitt.
The Housing Industry Association (HIA) has welcomed the Cook Government's support for the recommissioning of the Austral Brickworks facility at Cardup, describing the decision as an important step towards improving building material supply and supporting the delivery of homes and infrastructure across Western Australia.
HIA welcomes the announcement that Brickworks will recommence operations at its Cardup brickworks facility, supported by the WA Government.
Half of all new homes approved across regional Tasmania in the past year were in just four council areas around Launceston, new HIA analysis of ABS building approvals data shows.