More than 1 million vulnerable Australian households will receive increased assistance with their rental payments as rental rates continue to rise. The Commonwealth Rent Assistance payment will see a 15% increase, or up to $31 per fortnight, for low-income households who rent. This measure, announced in the federal budget, is estimated to cost $2.7 billion over the next five years and will benefit 1.1 million households. Treasurer Jim Chalmers called it the largest commitment to the program in over 30 years, aiming to provide secure and affordable housing to more Australians. Additionally, the budget revealed other measures to support the housing market, such as the Housing Accord, which plans to build 1 million new homes by 2024. Tax reforms will also incentivize the construction of build-to-rent projects, potentially adding 150,000 rental properties to the market over a decade. Social and affordable housing also received a boost, with an increase in liabilities for the National Housing Finance and Investment Corporation. The budget also expanded the first home guarantee scheme, allowing more Australians to achieve homeownership by lowering the deposit requirement and expanding the eligibility criteria.
Housing Crisis Persists: Unprecedented Steps Bring Significant Progress After 30 Years
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