A scheme to build one million new houses over five years from 2024 has been unveiled in Treasurer Jim Chalmers’ first budget in an historic agreement between all levels of government, institutional investors and the construction sector.
Chalmers used the budget to outline the government’s plans to bring together states and the investment community to increase housing supply with a particular focus on new affordable homes.
The government expects there will be around 180,000 housing completions each year in 2022, 2023 and 2024 before the goal kicks in.
The budget also included provision for $350 million for the federal government and states and territories to build 10,000 new homes each year.
Dr Chalmers told ABC Radio on Tuesday that reaching the one million homes target would tackle one of the biggest challenges facing the nation and its economy.
“As I go around Australia speaking with local communities, employers and workers, one of the big challenges we have in our economy is we’ve got these jobs and opportunities being created, but it’s becoming harder and harder to live near where those job opportunities are,” he said.
