WATCH LIVE: Prime Minister Anthony Albanese addresses the ALP national conference in Brisbane; NAB boss Ross McEwan says mortgage holders are “absorbing” interest rate rises. Follow updates here.
The Albanese government has offered state and local councils $3.5 billion to fast-track the construction of 1.2 million homes over the next five years, in a bid to boost housing supply.the states a one-off, $2 billion grant to immediately build or refurbish social and affordable housing, Prime Minister Anthony Albanese put $3 billion in “performance bonuses” on the table to encourage the states to accelerate land release, planning and approvals processes to build “well-located” homes.
The industry welcomed the 1.2 million home target, which is an increase on the 1 million homes agreed last year by national cabinet, but described it as ambitious. “These plans are ambitious. Local councils will need to be prepared to deliver shovel-ready land at an affordable price. This is not something that has been easy to achieve in the past,” Housing Industry Association deputy managing director Jocelyn Martin said.
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