Social housing crisis needs $290b: inquiry

Abstract

Advocates are calling for a national strategy to address a huge shortfall of social housing, with a deficit of more than 600,000 affordable dwellings predicted in the next two decades.

And government funding will need to be as much as $290 billion in that period if the shortage is to be addressed, a parliamentary committee investigating housing affordability has heard.

Referencing a National Housing Finance and Investment Corporation independent review, Community Housing Industry Association chief executive Wendy Hayhurst noted 30,000 new affordable units would be needed each year for the next two decades, but just 3000 units per year had been built in the last three years.

The NHFIC review found a $290 billion investment would be required across the next 20 years to address the shortfall, a figure that would not be reached even if funding was increased ten-fold.