Delivering more affordable homes and housing options for Canberrans is a major focus of the 2023-24 ACT Budget.
With a record $345 million investment, the Government will fund more build-to-rent projects; grow, renew and repair public housing; and facilitate a significant expansion of the community housing sector.
In this Budget, the Government will:
- create a $60 million Affordable Housing Fund, the first of its kind in the ACT, to significantly grow the number of long-term affordable rental homes;
- invest $233 million in public housing growth, repairs and renewal; and
- provide $11 million to accelerate further land release, alongside continued planning reform to enable the private market to deliver as much new housing as possible.
These initiatives contribute to the Government’s delivery of 600 additional affordable rentals and 400 additional public housing dwellings, as outlined in the Parliamentary and Governing Agreement.
The ACT has one of the fastest-growing populations in Australia and is expected to reach half‑a‑million people by 2027.
This Budget demonstrates the Government’s approach to increase housing supply to meet the needs of our growing city.
This investment will contribute to the Government’s objective of a more affordable, sustainable, liveable, diverse, interesting, productive and economically-efficient city.
Quotes attributable to ACT Chief Minister Andrew Barr:
Housing affordability continues to be a priority for the ACT Government. We are increasing housing stock across the board with a range of new initiatives designed to increase choice, access and affordability.
This year’s ACT Budget includes a range of measures to ensure Canberra has the right mix of housing to meet the needs of our growing population. This includes a particular focus on increasing the supply of affordable rental properties across the Territory.
This will include a second large-scale Build-to-Rent project in Gungahlin, following the release of land in Turner for a pilot Build-to-Rent project. Importantly, both projects will include an affordable rental component.
The Government has continued to cut stamp duty in every Budget since 2012 as part of our nation-leading tax reform agenda – removing a significant barrier to home ownership in the ACT.
Housing affordability is a national issue requiring broad reform and the ACT will continue to work collaboratively with the Commonwealth Government to deliver our commitments under the National Housing Accord.
Quotes attributable to Minister for Housing and Suburban Development Yvette Berry:
More than bricks and mortar, a home is the foundation for building a good life for ourselves, our families and our communities.
This year’s Budget improves housing choice, access and affordability, especially for vulnerable and low income Canberrans.
For public housing tenants, $177.1 million will ensure their homes are safe, comfortable and meet the needs of people living in them, now and into the future.
A further $55.9 million for the Growing and Renewing Public Housing program will see 140 additional homes for Canberrans to build their lives in.
Whether you rent or own, everyone should have a fair chance at the happiness a secure home provides.
