Australia’s Housing Crisis
An important step in helping ease the pressure on the housing crisis gripping many areas of Australia is the establishment of the Housing Australia Future Fund (HAFF).
What is HAFF?
The HAFF is a $10 billion investment initiative established by the Federal Government and managed by the Future Fund, dedicated to fostering positive change in the housing landscape. Enacted through the Housing Australia Future Fund Act 2023 on 1 November, 2023 the fund aims to inject much needed funding into housing projects for critical sectors including:
- Social and Affordable Housing;
- Indigenous Communities.
- Housing Services for Women, Children, and Veterans.
In conjunction with the National Housing Accord, HAFF sets an ambitious goal of delivering 20,000 new social and 20,000 affordable homes across nationwide over 5 years.
Housing Australia will administer the programs with the first round of funding recently closing (22 March 2024) where stakeholders ranging from registered charities including community housing providers, to state and local governments, as well as Special Purpose Vehicles (SPVs), applied for funding to make a tangible difference in the lives of countless Australians.
Why is HAFF so Crucial?
The urgency of HAFF’s implementation cannot be overstated. With residential vacancy rates across Australia at record lows across Australia, initiatives like HAFF are crucial in helping ease the housing crisis. The recent PropTrack Rental Affordability Report, released in March 2024, paints a grim picture showing that rental affordability has hit its worst level in at least 17 years, when records began. Particularly acute in regions such as NSW, Tasmania, and Queensland, the report highlights the widespread struggle with rental affordability that spans across all states. In this dire landscape, HAFF emerges as a beacon of hope, offering concrete solutions to alleviate the strain on housing accessibility and affordability for Australians nationwide.
Full details on HAFF are available at www.housingaustralia.gov.au