Chalmers’ big Budget swing targets home base

A new National Housing Accord and $350 million to deliver 10,000 affordable homes are a cornerstone of the 2022 Federal Budget. Treasurer Jim Chalmers said the accord aimed to address one of the nation’s biggest economic challenges: the supply and affordability of housing. It has set a target of a million new homes over five years. "It will align for the first time the efforts of all levels of government, institutional investors and the construction sector to help tackle the nation’s housing problem," Mr Chalmers said. "Our shared ambition is to build one million new well-located homes over five years from 2024." The Budget delivers $350 million in additional Federal funding to deliver 10,000 affordable homes over five years from 2024. Mr Chalmers said state and territory governments had agreed to build on this commitment with up to 10,000 new homes. Other actions to support a sustainable, long-term pipeline of additional housing supply and take pressure off affordability include: - States and territories to expedite zoning, planning and land release for social and affordable housing - The Commonwealth to provide financing options through the Housing Australia Future Fund to facilitate institutional investment in social and affordable housing - Working with local governments to deliver planning reforms and free up landholdings - Institutional investors to leverage investment that delivers for their members’ interests and for the national interest - Construction sector peak bodies to support high energy efficiency rating construction, the training of more apprentices under an extended Australian Skills Guarantee and work to make housing more responsive to demand. Master Builders Australia chief executive officer Denita Wawn said the Housing Accord, along with the funding of housing election commitments, supported an additional pipeline of work over the medium term for the residential building sector. But she warned governments to be mindful of the capacity constraints currently hitting the industry including labour shortages, material costs and the burden of new regulation. “The government must resist the temptation to pursue industrial relations policies that will have an adverse affect on low unemployment, productivity and impact real wages in the long-term," she said. “We continue to strongly disagree with the abolition of the Australian Building and Construction Commission (ABCC) but acknowledge the Government’s announcement of additional resourcing for the Fair Work Ombudsman to more comprehensively regulate the Fair Work Act 2009 in the building and construction industry.” The MBA acknowledged Budget funding for election commitments including more university and vocational education and training places, infrastructure and local manufacturing.

Chalmers’ big Budget swing targets home base

Industry Queensland

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