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New report highlights dire state of the nation’s housing

A new research report ‘State of the Nation’s Housing 2022-23’ released today by the federal government’s National Housing Finance and Investment Corporation (NHFIC) paints an alarming picture of growing housing affordability challenges in Australia.

Independent ACT Senator David Pocock said the data underscores the need for a bigger initial commitment in the proposed Housing Australia Future Fund (HAFF) and for all parties to work together to get the legislation through the Senate.

“NHFIC’s report highlights the perfect storm housing in Australia faces with a growing population, rising interest rates and slowing supply,” Senator Pocock said.

“Conservative estimates from NHFIC suggest 208,200 households across the country are in highly acute rental stress with 577,400 households under less acute rental pressure. 

“We see new supply being delayed by a range of factors including ‘the availability of serviced land, higher construction costs, ongoing community opposition to development and long lead times for delivering new supply’. 

“Some 28,000 dwellings were delayed last year meanwhile NHFIC estimates that more than 1.8 million new households will form across Australia from 2023 to 2033.

“I recognise the HAFF is just a start but we need a bigger start to better tackle the scale of the problem.

“I have also called on the government to take action to stop the housing crisis getting worse as we lose some 24,386 National Rental Affordability Scheme over the next three years as that program winds up. 

“Here in the ACT we stand to 1,056 NRAS properties over the next three years which will add to an existing shortfall of some 3,100 social homes.

“The government has been given the gift of a senate looking to make positive change for our communities. 

“We’ve worked our way through to agreements on everything from climate to industrial relations, I really want to see us do the same on housing. 

“Access to secure housing people can afford is one of the greatest challenges people in our community face. Housing affordability is impacting more and more people from the most vulnerable to those on increasingly higher incomes.

“It’s a huge challenge that needs big solutions and genuine political goodwill to get through.

“At the same time we need the federal government to urgently progress implementation of the Murray Review recommendations on security of payments with another two construction companies going into liquidation last week.

“Once again tradies face not being paid for work they have done while large creditors like banks are first in line for anything that can be salvaged from the wreckage.

“This is a huge problem that can’t keep being ignored.”

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