The Greens have today announced that in balance of power after the next election, they will push a plan to build one million new publicly-owned, affordable, high-quality and sustainable homes.
The Greens’ push for secure housing comes as property prices surge to record highs and a generation has been locked out of home ownership, unable to save enough for a deposit, while they continue to face rising rents.
One million new homes, built over 20 years, will clear public housing waiting lists, make housing more affordable, end homelessness, and ensure everyone has a roof over their head.
As part of this plan, The Greens’ shared equity ownership scheme will make it easier for people to buy their first home for $300,000.
On current polling, a power-sharing Parliament is the most likely outcome of the coming election and in the balance of power, the Greens will push for billionaires and big corporations to pay their fair share of tax so we can build affordable housing.
To deliver this plan, the Greens will push to establish a Federal Housing Trust, which will:
- Build 750,000 new public and community houses to slash public housing waiting lists and end homelessness;
- Build 125,000 new shared ownership homes, which will allow first-home buyers to buy a home in suburbs they want to live in for $300,000.
- Build 125,000 new public universal access rental homes to provide secure housing for more people and move towards universal housing.
The Federal Housing Trust will construct and manage all dwellings in partnership with states, territories and community housing providers.
The Greens plan also includes a Capital Grants fund to provide State and Territory governments with $1.5 billion each year for three years, and then $2.5 billion divided evenly over the next 7 years, for public housing improvements.
This plan has been costed by the Parliament Budget Office and is expected to impact the fiscal balance by $7.5 billion over the forward estimates period and $22.9 billion over the decade.
New public and community housing
The Greens will invest in public and community housing which will end the waiting lists and ensure everyone has a roof over their head and a place to call home.
750,000 new, sustainable public and community homes built over 20 years will end homelessness in Australia and provide housing security for everyone in crisis or need.
The Greens will push for 125,000 new public universal access rentals to be built focused on creating affordable housing for more people, and move towards universal housing for all. This plan will help people who have been priced out of where they need to live. Essential workers like teachers and nurses, as well as others, will be able to rent a home from the government. This scheme of 125,000 homes will allow people to live closer to work or their community.
All tenants in Federal Housing Trust homes will pay the lower of 25 percent of their income or market rent.
Own your first home
The Greens have a plan to build 125,000 high-quality sustainable homes and give people who have been locked out of home ownership the opportunity to purchase up to 75% equity in their home. Our Shared Equity Ownership Scheme will make it easier for people to buy their first home, in suburbs they want to live in, for $300,000.
The government will provide low cost loans, which will be simple to service.
Rather than selling off public homes to private developers, these homes are kept permanently by the government as part of a Federal Housing Trust, meaning they will always be available to those who have less opportunity to own a home.
These homes will be owner-occupied. When people want to leave, they can sell back their share to the government’s Federal Housing Trust at an appreciated rate linked to property price growth nationally.
As stated by Adam Bandt MP, Leader of the Australian Greens:
“With so many people locked out of the housing market, we urgently need the government to act and ensure everyone has somewhere secure to call home.”
“The housing market is broken and the government must step in. As well as slashing public housing waiting lists, the government should build good quality homes in good locations that people locked out of the market can afford to buy.
“In balance of power, the Greens will kick the Liberals out and push the next government to tax the billionaires so we can build homes everyone can afford.”
As stated by Greens Senator Mehreen Faruqi, Greens spokesperson for Housing:
“Housing in this country is completely cooked. Some people are making huge profits from housing, while others are struggling to keep a roof above their heads.
“Homelessness is not inevitable. Governments must make the choice of ensuring everyone has a safe and affordable place to live, and to obliterate homelessness and housing insecurity forever.
“A massive build of new homes will reduce inequality in Australia dramatically. Safe, secure, high-quality housing is a human right, not a privilege reserved only for those who are able to afford to pay through the nose for it.
“Our innovative shared equity ownership scheme will help tens of thousands of people buy their first home for $300,000.
“People who have been locked out of a home due to skyrocketing prices and a housing system stacked against them will be able to own a high-quality sustainable house and make it their home at an affordable price.
“In a property market rigged for speculators and wealthy investors, buying a home is well out of reach for most people. It’s currently too expensive for many people to both pay rent and save for a deposit. The Greens plan tackles this head-on.
“Whether you are renting a home or buying one, a housing system should work for people, not profit.”
Paying for our plan:
By making billionaires and big corporations pay their fair share of tax and winding back handouts to big polluters, we can build a better life for all of us.
1 in 3 big corporations pays no tax and many big corporations and billionaires send their profits offshore tax free.
The Greens will tax billionaires with a new ‘billionaires tax’, require big corporations making excessive profits to pay a ‘corporate super-profits tax’ and axe billions of dollars in handouts to the coal, oil and gas giants that are driving the climate crisis.
When big corporations and billionaires pay their fair share, everyone can have the services they need for a better life.