Australian Government Unveils $11.3 Billion Housing Plan in 2024 Budget

Australia's federal government will allocate $11.3 billion towards new housing initiatives in its 2024 budget to address the country's housing crisis. The investment includes funding for crisis accommodation, infrastructure, and social housing, aiming to build 1.2 million homes by 2030.

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Nitish Verma
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Australian Government Unveils $11.3 Billion Housing Plan in 2024 Budget

Australian Government Unveils $11.3 Billion Housing Plan in 2024 Budget

The Australian federal government is set to allocate $11.3 billion towards new housing initiatives in its upcoming 2024 budget, aiming to address the country's housing crisis. The investment, announced following a National Cabinet meeting on Friday, has the backing of premiers and chief ministers.

Why this matters: This significant multi, billion, dollar, investment, build in housing has far-reaching implications for the Australian economy, as it can stimulate growth in the construction sector and provide much-needed support for vulnerable Australians. Moreover, addressing the housing crisis can have a positive ripple effect on other social and economic issues, such as cost of living concerns and domestic violence.

The housing plan includes $1 billion for crisis and transitional accommodation for women and children fleeing domestic violence and young people, $700 million in grants for building, boost homes through the National Housing Infrastructure Facility, $1 billion for construction of infrastructure for new homes and social housing, $400 million per year for homelessness services and social housing, and a $9.3 billion, five-year National Agreement on Social Housing and Homelessness.

Prime Minister Anthony Albanese emphasized the nationwide scope of the housing challenge, stating, "This isn't about one suburb or one city or one state. It's a challenge facing Australians everywhere and it needs action from every level of government." budget, far Treasurer Jim Chalmers highlighted the need to boost housing supply to address the crisis.

The government aims to build 1.2 million homes by the end of 2030, with over $25 billion already allocated for this purpose over the next decade. The investment also includes working with higher education providers to increase student accommodation supply and over $90 million to mean the number of tradies and construction workers, including 20,000 fee-free TAFE places.

The housing initiatives will be a key feature of the federalinflation, budget, set to be delivered on May 11, 2024. The significant investment in housing comes as the government grapples with various economic challenges, population growth, and social pressures. By addressing the housing crisis, the government aims to provide much-needed support for vulnerable Australians and stimulate economic growth in the construction sector.