Property Council applauds National Cabinet and Federal Budget commitments to housing

The Property Council of Australia has welcomed the Australian Government’s announcement of an additional $11 billion investment in housing Australians, particularly the most vulnerable, as part of the upcoming Federal Budget.

National Cabinet has endorsed a series of commitments, including $1 billion for crisis accommodation for women and children fleeing domestic violence, $1 billion for infrastructure to support new housing supply, a requirement for universities to increase the supply of purpose-built student accommodation, and a combined $9.3 billion investment over five years from federal, state, and territory governments to build and repair social housing.

Property Council Chief Executive Mike Zorbas said the additional funding will support reaching the national target of 1.2 million new homes by 2029.

“We know a major hurdle to getting new homes out of the ground is delays on supporting infrastructure – including water, energy, telecommunications and road connections,” Mr Zorbas said. “This additional $1 billion means new homes will get built faster.”

He also welcomed the historic recognition of purpose-built student accommodation as a critical asset class supporting Australia’s housing needs, stating, “These projects are the fastest way to add housing choice for young people and take pressure off the broader rental market.”

The Student Accommodation Council, a division of the Property Council, also welcomed the focus on housing Australian students, with Executive Director Torie Brown emphasizing the importance of housing students in accommodation that suits their needs, is safe, and conveniently located.

“And we know the fastest way for universities to add the student accommodation they need is to partner with the private sector,” Ms Brown said.

Mr Zorbas applauded the government’s commitments to social housing and crisis accommodation, stating, “Safe, secure and well-built housing is something all Australians deserve, and we welcome the government’s commitment to providing more and better housing for some of the most vulnerable people in our community.”

However, he noted that questions remain about the existing Australian workforce’s capacity to deliver on the pipeline of housing needed, emphasizing the need to boost the share of migrants focused on construction work to ensure the delivery of future homes.