HousingAustralia

In forceCommencement fixed by proclamation (F2023N00456). The five-year Accord period itself starts on 1 July 2024.

National Housing Accord and Housing Australia Future Fund: 1.2 million homes in five years

Announced in the October 2022 federal Budget, the National Housing Accord commits the federal, state and territory governments to a housing supply target, raised by National Cabinet on 16 August 2023 to 1.2 million new well-located homes over five years from 1 July 2024. Its main legislative instrument, the Housing Australia Future Fund Act 2023 (Royal Assent on 28 September 2023, in force since 1 November 2023), sets up a $10 billion fund whose returns finance social and affordable housing through the agency Housing Australia. Together with the Accord facility, the programme now targets 40,000 social and affordable homes by 30 June 2029; as at 30 June 2026, 1,529 of them were complete.

Updated: November 5, 2026Next milestone: December 31, 2026 — Deadline for the first statutory review of the Housing Australia Future Fund Act

At a glance

Reference text

Housing Australia Future Fund Act 2023[1][2]

No. Act No. 79, 2023 (C2023A00079) · September 28, 2023

Read the text ↗

Carried by

  • Julie Collins[7]Minister for Housing, Homelessness and Small Business — announced the $10 billion fund and the target of 30,000 social and affordable homes · 2022-2023 · Initiator
  • Anthony Albanese[12]Prime Minister, chair of National Cabinet — the meeting of First Ministers that raised the target to 1.2 million homes on 16 August 2023 · 2023 · Amendment
  • Scott Langford[15][19]Chief Executive Officer of Housing Australia, the agency that runs the fund’s funding rounds · 2024-2026 · Implementation

Implementation

Status

In force

since November 1, 2023[1][18]

Commencement fixed by proclamation (F2023N00456). The five-year Accord period itself starts on 1 July 2024.

Stated objective

Build 1.2 million new well-located homes across Australia over the five years from 1 July 2024, with states and territories reforming planning, zoning and land release, and finance through the Housing Australia Future Fund 40,000 new social and affordable homes by 30 June 2029 — 30,000 under the fund’s own facility (the government’s initial commitment) and 10,000 affordable homes under the National Housing Accord Facility — while addressing acute housing needs of Indigenous people, women, children and veterans.[12][1][13][19]

According to National Cabinet (16 August 2023), the Act’s statement of object and Housing Australia

  • New well-located homes to be built in Australia

    1,200,000

    1 July 2024 – 30 June 2029 · National Cabinet target[12]

    Initially 1 million under the 2022 Accord. Spread evenly, 240,000 homes a year.

  • New social and affordable homes financed through the Housing Australia Future Fund

    40,000

    by 30 June 2029 · Housing Australia, programme target[13][16][19]

    20,000 social and 20,000 affordable homes; 30,000 under the fund’s facility plus 10,000 under the Accord facility.

Main measures

  • $10 billion is credited to the Housing Australia Future Fund Special Account and invested by the Future Fund Board under an investment mandate set by ministers; the returns finance grants for acute housing needs and payments to Housing Australia for grants and loans for social and affordable housing.[1]
  • Disbursements were capped at $500 million in 2023-24. From 2024-25, if less than the « designated annual amount » ($500 million) has been spent by 1 June, the Finance Minister must transfer the difference to Housing Australia; the amount is indexed from 2029-30.[1][3]
  • A companion Act renames the National Housing Finance and Investment Corporation « Housing Australia »; another establishes the National Housing Supply and Affordability Council, a statutory advisory body that reports annually.[7][4][5]
  • Housing Australia allocates the money through funding rounds open to community housing providers, state, territory and local governments and their partners: 25-year availability payments, concessional loans and, in limited cases, grants.[13][18]
  • To reach 1.2 million homes, the Commonwealth offers states and territories a $3 billion « New Home Bonus » for building more than their share of the 1 million target, and a $500 million Housing Support Program; the states commit to a National Planning Reform Blueprint (housing targets in strategic plans, more medium and high density near transport, faster approvals).[12]
  • The Housing Minister must have the operation of the Act reviewed — first by 31 December 2026, then every five years — and table each report in Parliament.[3]

In data

Dwellings completed and commenced in Australia, by financial year (July-June)[21]

2018-19 to 2025-26

Dwellings completed and commenced in Australia, by financial year (July-June) — chart values
Financial yearCompletedCommenced
2018-19215,278197,255
2019-20192,264172,890
2020-21179,923213,236
2021-22172,804205,787
2022-23174,598175,536
2023-24177,848160,262
2024-25 (Year 1 of the Accord period.)175,510180,277
2025-26 (Year 2; June 2026 quarter preliminary.)180,500204,440

Scale starts at 0 · ABS Building Activity, tables 33 and 37: total dwelling units, all sectors, original series, sum of the four quarters. The June 2026 quarter is preliminary and will be revised on 13 January 2027. Reaching 1.2 million in five years means about 240,000 homes a year on average; the Accord’s own counting rule was not consulted.

Property price index

133index

2024

BIS residential property prices, real terms.

BISSee the card →

Key figures

Dwellings completed in Australia in the first two years of the Accord period

356,010

July 2024 – June 2026 · Observed

ABS, Building Activity (original series); sum computed by Citoyen[21]

An even pace towards 1.2 million would mean 480,000 after two years. June 2026 quarter preliminary.

Social and affordable homes contracted under the first two funding rounds

18,650

at 30 September 2025 · Observed

Housing Australia[18][16]

9,284 social and 9,366 affordable homes, against a target of 40,000.

Fund-supported homes completed

1,529

at 30 June 2026 · Observed

Housing Australia (chief executive’s address, 29 July 2026)[19][20]

Another 6,613 under construction, 6,839 ready to start and 3,417 in planning. In September 2026 the agency cited « more than 1,600 » completed.

Timeline

  1. Announced

    Federal Budget: National Housing Accord and commitment to establish the Housing Australia Future Fund[7][12]

    The Accord’s initial target, agreed with the states and territories, was 1 million well-located homes.

  2. Under debate

    Housing Australia Future Fund Bill 2023 introduced in the House of Representatives, with two companion bills[6][7]

  3. Senate Economics Legislation Committee recommends passing the bill; Coalition and Greens senators dissent[7][9][6]

    The bill had been referred to the committee on 9 February 2023. Senators David Pocock and Lidia Thorpe also tabled dissenting reports.

  4. Senate second-reading debate: opened in May, agreed only on 13 September 2023[6]

    Debated on 9 and 11 May 2023, then not again until 12 and 13 September. In committee of the whole, one government amendment and 20 government requests for amendments were agreed; the bill finally passed both Houses on 14 September 2023.

  5. National Cabinet raises the Accord target to 1.2 million new well-located homes over five years from 1 July 2024[12]

    200,000 more than the Accord target agreed in 2022. First Ministers also adopted a National Planning Reform Blueprint and « A Better Deal for Renters ».

  6. Adopted

    Royal Assent: Housing Australia Future Fund Act 2023 (Act No. 79, 2023)[2][6][4][5]

    The bill had finally passed both Houses on 14 September 2023. The two companion Acts (No. 80 and No. 81, 2023) received assent the same day.

  7. In force

    The Act commences: the $10 billion Housing Australia Future Fund is established[1][18]

    Commencement fixed by proclamation (F2023N00456). The five-year Accord period itself starts on 1 July 2024.

  8. Housing Australia opens the first funding round: 30,000 homes under the fund’s facility and 10,000 under the Accord facility[13]

    Instruments: 25-year government-backed availability payments, concessional loans and, in limited cases, capital grants, for community housing providers, governments and their partners.

  9. Current step

    Five-year Accord period: 1.2 million new well-located homes[12]

  10. Round 1: initial pipeline of 185 projects, more than 13,700 social and affordable homes[14]

  11. Round 2 opens to state and territory governments, for up to 5,000 social homes[15]

  12. Contracts signed for 18,650 homes under the first two rounds (279 projects)[16]

    9,284 social and 9,366 affordable homes, for a total funding commitment of $14.0 billion.

  13. Round 3 opens to fund the remaining 21,350 homes[18][17][20]

    Open, two-stage process, with $600 million ring-fenced for First Nations housing organisations and all dwellings to be complete by June 2029. A further stream for ready-to-build low-density projects opened on 14 September 2026.

  14. Upcoming — the outcome is not known

    Deadline for the first statutory review of the Housing Australia Future Fund Act[3]

    Section 65 requires the review — on whether the fund has improved housing outcomes — to be completed by 31 December 2026, then every five years; the report must be tabled in both Houses.

  15. Upcoming — the outcome is not known

    End of the Accord period and target date for the fund’s 40,000 social and affordable homes[12][19]

The debate

Citoyen takes no position: arguments are reported as their authors put them.

According to its supporters

  • Most witnesses heard by the Senate committee welcomed the package: National Shelter called it « the most critical housing legislation to be brought forward for the past ten years », and the committee majority saw in it « the biggest Commonwealth investment in social and affordable housing in decades ».[8]
  • The Grattan Institute and AHURI argued that a dedicated fund shelters social-housing money from the annual budget fight, where Commonwealth commitments have proved « very politically difficult » to secure; the committee called the model « scalable » and recommended passing the bill.[8][9]
  • For First Ministers, boosting supply is « the best way » to give more Australians an affordable home: the Accord ties Commonwealth money (New Home Bonus) to states actually building more and reforming planning.[12]

According to its opponents

  • Coalition senators objected that $10 billion of off-budget spending would add to inflation at a time of rising interest rates — Treasury confirmed it had done no modelling of that effect — and that the priority should be state planning reform and letting first-home buyers use their superannuation.[10]
  • They also criticised availability payments as a taxpayer subsidy to large superannuation funds, and the fact that the investment mandate had not been published before the vote.[10]
  • The Greens argued that tying housing money to market returns could leave years with nothing spent, that the $500 million cap was not indexed, and that 30,000 homes fell far short of a social and affordable housing shortfall of 640,000 homes, set to reach 715,000; they called for $5 billion a year of direct investment and a two-year rent freeze.[11]
  • Economist John Quiggin (University of Queensland), heard by the committee, called it misleading to present an initiative spending perhaps $400 to $500 million a year as a $10 billion proposal — « an accounting fiction ».[11]

Indicators to watch

  • Dwellings completed (progress towards 1.2 million) · ABSno Citoyen card yet
  • Dwellings commenced and building approvals · ABSno Citoyen card yet
  • Social and affordable homes contracted and completed under the fund (40,000 target) · Housing Australiano Citoyen card yet
  • Residential property price index (real) · BISSee the card →

Sources

  1. [1]Housing Australia Future Fund Act 2023 (No. 79, 2023) — as made — Federal Register of Legislation (Office of Parliamentary Counsel), September 28, 2023
  2. [2]Housing Australia Future Fund Act 2023 — details (assent date 28 September 2023) — Federal Register of Legislation (Office of Parliamentary Counsel), September 29, 2023
  3. [3]Housing Australia Future Fund Act 2023 — Compilation No. 2 (C2026C00240) — Federal Register of Legislation (Office of Parliamentary Counsel), July 1, 2026
  4. [4]National Housing Supply and Affordability Council Act 2023 (No. 80, 2023) — Federal Register of Legislation (Office of Parliamentary Counsel), September 28, 2023
  5. [5]Treasury Laws Amendment (Housing Measures No. 1) Act 2023 (No. 81, 2023) — Federal Register of Legislation (Office of Parliamentary Counsel), September 28, 2023
  6. [6]Housing Australia Future Fund Bill 2023 — bill homepage and progress — Parliament of Australia
  7. [7]Housing Australia Future Fund Bill 2023 [Provisions] and related bills — Chapter 1: Introduction — Senate Economics Legislation Committee, Parliament of Australia, March 22, 2023
  8. [8]Housing Australia Future Fund Bill 2023 [Provisions] and related bills — Chapter 2: The Housing Australia Future Fund — Senate Economics Legislation Committee, Parliament of Australia, March 22, 2023
  9. [9]Housing Australia Future Fund Bill 2023 [Provisions] and related bills — List of recommendations — Senate Economics Legislation Committee, Parliament of Australia, March 22, 2023
  10. [10]Coalition Senators' Dissenting Report — Housing Australia Future Fund Bill 2023 and associated legislation — Senate Economics Legislation Committee, Parliament of Australia, March 22, 2023
  11. [11]Australian Greens dissenting report — Housing Australia Future Fund Bill 2023 — Senate Economics Legislation Committee, Parliament of Australia, March 22, 2023
  12. [12]Meeting of National Cabinet — working together to deliver better housing outcomes — Prime Minister of Australia, August 16, 2023
  13. [13]Housing Australia opens first funding round today to support delivery of 40,000 more social and affordable homes — Housing Australia, January 15, 2024
  14. [14]Housing Australia announces initial pipeline of housing for the Housing Australia Future Fund and National Housing Accord — Housing Australia, September 16, 2024
  15. [15]Housing Australia Future Fund Facility opens Funding Round Two — Housing Australia, December 16, 2024
  16. [16]Contracts signed to support 18,650 social and affordable homes under the Housing Australia Future Fund Facility and National Housing Accord Facility — Housing Australia, July 3, 2025
  17. [17]Housing Australia launches Round 3 to fund 21,350 new social and affordable homes — Housing Australia, November 23, 2025
  18. [18]Funding under the Housing Australia Future Fund — Housing Australia
  19. [19]Housing Australia CEO delivers keynote address at 4th Annual Affordable Housing Conference — Housing Australia, July 29, 2026
  20. [20]Housing Australia’s new funding stream to accelerate delivery of social and affordable housing — Housing Australia, September 14, 2026
  21. [21]Building Activity, Australia, June 2026 (tables 33 and 37) — Australian Bureau of Statistics, October 7, 2026