The Greens announce their support for Anthony Albanese’s $10 billion Housing Australia Future fund in the face of the political earthquake: rent cap
The Greens will support the government’s historic housing policy and create 30,000 new rental homes after securing a total of $3 billion in additional spending.
After months of tense negotiations between the Greens and the government, group leader Adam Bandt announced today that they had agreed to support the bill.
“Pressure works.” “Labour said there was no money left for housing this year and we pushed them to raise $3 billion,” he said.
The government has not changed its position on limiting rent increases, but Mr Bandt said his party would continue to fight for tenants’ rights.
The Labor government described the legislation and associated commitments as “the most significant housing reforms in a generation”.
Since the policy was introduced, Greens have raised concerns about the risks involved in relying on stock market returns.
At the last election, the Prime Minister promised the Australian public that he would commit $10 billion to a fund to build 30,000 homes across the country. That money would be invested and all of the proceeds – up to $500 million a year – would be spent on building the new properties.
The new changes guarantee an annual issuance of $500 million starting in 2024, regardless of investment returns.
The government will also immediately spend $1 billion on public and local housing and has committed another $2 billion to social housing.
Mr Bandt and his housing spokesman Max Chandler-Mather had repeatedly criticized the policy for failing to provide immediate help to struggling tenants despite the ongoing cost of living and affordability crisis.
He said: “Tenants are powerful and the Greens are the party of tenants.” We have won more money for rental apartments and next comes rent control.
“I say this to Labour: if you continue to ignore tenants, your political pain has only just begun.” “There are several more important pieces of legislation imminent where the Greens will use our position in the balance of power to push the government to to counteract rising rents by freezing and capping rents.”
Last month, Prime Minister Anthony Albanese committed to working with states and territories to build 1.2 million new homes over the next five years to tackle the national housing crisis.
The Prime Minister has promised that life will be easier for renters under the new deal after meeting state premiers to discuss housing
Mr Albanese promised life will be easier for renters under the new deal after meeting state premiers to discuss housing.
He acknowledged supply across the board remained the key issue and promised new homes would be built in “well-located” areas around Australia from July 2024. That’s 200,000 more homes than promised last year.
The National Cabinet has also agreed to work towards a “better deal for tenants”. This includes developing a uniform nationwide policy to eliminate causeless evictions and limiting rent increases to just once per year.
The government will aim to phase in minimum rental standards.
“This is blatantly borrowed from some of the Hawke reforms,” Albanese said.
And today, after the Greens expressed their support, Mr Albanese said: “The $10 billion Housing Australia Future Fund will create a secure, ongoing funding pipeline for social and affordable rental housing, fulfilling the commitment the Government has made to the Australian people.”
Of the 30,000 new homes promised, 4,000 will be reserved specifically for women and children affected by domestic violence and older women at risk of homelessness.
There’s more to come