Tuesday 25 October 2022
MEDIA RELEASE
PROPERTY COUNCIL WELCOMES BUDGET’S NEW HOUSING ACCORD
The Property Council of Australia has today welcomed the Federal Government’s budget commitment to create one million new ‘well-located’ homes under a new National Housing Accord.
The new National Housing Accord aims to bring together Federal, state and territory governments, as well as the property industry and institutional investors, to boost housing supply and create more affordable and social housing.
Property Council of Australia Chief Executive Ken Morrison said the agreement demonstrates bold ambition and a welcome collaborative approach, but will require further action to deliver.
“We commend the Government for making housing supply and affordability a centrepiece of this budget and for striking an agreement with the states and territories,” Mr Morrison said.
“Australia is facing a housing affordability crisis and as the Productivity Commission found last month, greater housing supply needs to be a key solution.
“The National Housing Accord is a very welcome commitment and we thank the Government for engaging with the Property Council on this initiative.
“Achieving the Government’s target will require more tangible actions than have been announced tonight, and we look forward to working with the Government on practical steps to boost supply,” he said.
Mr Morrison also commended the Government for its commitment to review the barriers to institutional investment in housing, including Build-To-Rent housing, to be conducted by the soon-to-be-established Housing Supply and Affordability Council.
“If we are serious about providing greater housing choice and affordable options, it is important we have fair tax settings that encourage investment in all types of housing,” Mr Morrison said.
“Right now, current tax settings around Build-To-Rent housing are a barrier to investment, and a levelling of the playing field will bring more rental stock online, as noted by the Productivity Commission last month.
“Build-To-Rent housing offers renters greater security in their tenancy, superior facilities and services, and an additional form of housing which Australia sorely needs,” he said.
The Property Council also welcomed the Government’s commitment to build 10,000 affordable homes and 20,000 social homes through the establishment of the Housing Australia Future Fund, as well as the additional 10,000 new affordable dwellings at the energy efficiency rating of 7 stars or greater (or a state’s minimum standard).
