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Budget 2024: Huge cash injection promises billions to build homes faster – here are the Australians most likely to benefit


Funds to deal with the housing crisis will be life-changing for people who desperately need housing, according to housing campaigners who welcomed news of a multi-billion dollar budget injection to build homes faster.

The federal government will pour $11.3 billion into housing initiatives when Treasurer Jim Chalmers delivers the budget on Tuesday with the support of premiers and chief ministers.

About $1 billion will go toward crisis and transitional housing for young people, as well as women and children escaping domestic violence.

Grants provided under the National Housing Infrastructure Facility to build these homes will increase from $175 million to $700 million.

The funds will help those most at risk, Homelessness Australia chief executive Kate Colvin said.

The federal government will pour $11.3 billion into housing initiatives when Treasurer Jim Chalmers delivers the budget on Tuesday with the support of premiers and chief ministers.

Mr Chalmers (right) said a major boost to housing supply would be a priority in Tuesday's Budget

Mr Chalmers (right) said a major boost to housing supply would be a priority element of Tuesday’s Budget

About $1 billion will go toward crisis and transitional housing for young people, as well as women and children escaping domestic violence.  The tradition is shown while working on the construction site

About $1 billion will go toward crisis and transitional housing for young people, as well as women and children escaping domestic violence. The tradition is shown while working on the construction site

«New resources to provide crisis and transitional accommodation for women and children fleeing domestic violence and young people at risk of homelessness will be life-changing for every family and young person who will now have a safe home,» she said.

Future funding must address the «rent gap» between the amount of support available and the cost of housing, after research showed 44 per cent of young people are still homeless after receiving support, said Wendy Hayhurst, chief executive of the Community Housing Industry Association.

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Housing providers who rent to young people are at a financial disadvantage due to lower potential income.

«Community housing providers want to be part of the solution and work with government to offer safe homes and a brighter future,» said Hayhurst.

The government will also spend $1 billion to build the roads, sewerage, power, water and community infrastructure needed for more homes.

Federal funding for homelessness and social housing services will double to $400 million a year and be matched by the states and territories, with the National Cabinet also agreeing a five-year $9.3 billion National Social Housing and Homelessness Deal.

Prime Minister Anthony Albanese said the injection of funds would help kick-start construction on a national scale.

“This is not about one suburb, one city or one state. It is a challenge facing Australians everywhere and requires action from all levels of government,” he said.

Mr Chalmers said a major boost to housing supply would be a priority element of Tuesday’s Budget.

It comes as the Federal Government has pledged to work with higher education providers on new rules to boost student accommodation.

It follows an earlier budget announcement of more than $90 million to boost the number of trades and construction workers, including providing an extra 20,000 free TAFE places.

Education Minister Jason Clare reiterated the importance of the international education sector to the Australian economy.

Prime Minister Anthony Albanese (pictured centre) said the injection of funds would help kick-start construction nationwide

Prime Minister Anthony Albanese (pictured centre) said the injection of funds would help kick-start construction nationwide

«We need to make it sustainable and part of that means we need more purpose-built student accommodation,» he said.

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More than $25 billion has already been earmarked over the next decade in an effort to build 1.2 million homes by the end of 2030.

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