Labor Party voted in as Australia’s new government
On 21 May 2022 the Australian Labor Party was voted in as Australia’s new government. UDIA has congratulated the Albanese Government on its victory and in our media release we voiced our support for their mandate to boost housing supply, affordability and access. Link to Media Release here.
Throughout the past six weeks, UDIA National has been advocating on behalf of our members on a range of policy priorities as outlined in our Federal Election Campaign Platform – A Plan for Prosperity.
To recap, the Labor Party’s housing and development related commitments include:
- The Help to Buy Scheme, a shared equity scheme which will see the federal government contribute equity up to 40 percent of the purchase price of a new dwelling, with the home buyer to have a minimum deposit of 2 percent – consistent with UDIA’s “A Home for Everyone” platform
- An expanded Role for NHFIC, to be rebranded as Housing Australia, incorporating a new National Housing Supply and Affordability Council and which can help set targets and monitor housing supply and affordability with the states and territories. Again, adoption of a key piece of UDIA advocacy
- A National Housing and Homelessness Plan – a plan to arrange summit on housing, reflecting UDIA’s recommendation.
- Doubling Foreign Investment fees and penalties– expanding the revenues on the existing legislation with existing concessions and rules unchanged.
- Regional First Home Buyer Support Schemeproviding 10,000 permanent annual places for buyers in regional areas to purchase a new home with a 5 percent deposit.
- The Housing Future Fund – $10b fund set up to fund 30,000 new social and affordable dwellings.
It is fantastic to see many of UDIA’s recommendations, delivered through our meetings, briefing notes and pre budget submission with the then Shadow Ministers, adopted as the Labor Party’s policy. We are already working through a number of initiatives including the development ready land metrics with NHFIC.
UDIA will continue to work closely with the new Ministry and advocate for the Government to implement many of the initiatives contained in their pre-election promises, together with an increased focus in improving housing supply.