The release of the The Australian Dream: Inquiry into housing affordability and supply in Australia in the same week as the Infrastructure Australia Regional Strengths and Infrastructure Gaps papers adds to the groaning weight of evidence that Australia’s housing system is in need of substantial reform. Each week we see the great paradox of housing policy played out in headlines, rising house prices that benefit homeowners means a home becomes further out of reach for others – and the knock-on effect flows through the rental market. 

How to make housing affordable for those who seek the safety and security of a home they can afford, AND recognise the role of housing as a principal means of wealth creation and economic security for many Australians?

Whilst there are a range of policy views put forward in the main report and in the dissenting report, it is worth noting that it includes:

• Universal agreement across the political spectrum that housing affordability is an issue
• Broad recognition that sub-market affordable rental housing is an essential part of the market, as both a safety net or a springboard
• Appreciation of the increasing momentum towards social and affordable housing as essential infrastructure to underpin the future success of our economy and communities.

The Leptos review predicted that $290 billion of investment would be required over the next 20 years to deliver 600,000 social and affordable housing units nationwide. The Morrison Government put in place NHFIC which has been a game changer and as identified in the Leptos review, the scale of capital required for affordable housing demands solutions that leverage in a greater investment from the private sector through community housing providers.

We believe this asset class is vital social infrastructure that will continue to attract the interest of institutional investment, interest that will be strengthened by strong policy signals. In addition to support for homeowners, we look forward to seeing more affordable rental housing policy from the Coalition. Labor has put forward the Housing Future Fund as an election policy and we anticipate, with the growing need for solutions and weight of evidence of the negative impact on so many Australians that we’ll see more ideas from all parties in the lead up to the election.

We continue to welcome engagement with all levels of government and institutional investors to partner together to deliver sustainable and affordable housing outcomes for Australians.