Property Council welcomes National Cabinet and Federal Budget housing commitments

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11 May 2024


Property Council welcomes National Cabinet and Federal Budget housing commitments

The Property Council of Australia has today welcomed the Australian Government’s announcement that an additional $11 billion will be invested in housing Australians – particularly the most vulnerable – as part of next week’s Budget.

The National Cabinet yesterday endorsed a series of commitments including:

  • an additional $1 billion for crisis accommodation for women and children fleeing domestic violence
  • another $1 billion for infrastructure including roads, water and community facilities to support new housing supply
  • a requirement that universities increase the supply of purpose-built student accommodation
  • a combined agreement between the federal, state and territory governments to invest $9.3 billion over five-years to help build and repair social housing.

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

“We strongly welcome this agreement and the additional funding. Hitting the housing targets now hinges on concerted federal, state and industry partnership on rezoning, faster approvals, more skilled workers and last mile infrastructure,” Mr Zorbas said.

“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.

“This additional $1 billion means new homes will get built faster.

“We also welcome the historic recognition of purpose-built student accommodation as a critical asset class supporting Australia’s housing needs.

“These projects are the fastest way to add housing choice for young people and take pressure off the broader rental market,” he said.

The Student Accommodation Council, a Division of the Property Council which comprises the sector’s largest providers of student accommodation, also welcomed the focus on housing Australian students.

Student Accommodation Council Executive Director Torie Brown said the sector was looking forward to working with the government and Australia’s reputable tertiary education sector on implementing the new regulation.

“Today’s historic announcement recognises that the key to maintaining a sustainable and prosperous university sector, is our ability to house students in accommodation that suits their needs, is safe and conveniently located,” Ms Brown said.

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

Mr Zorbas also applauded the government’s commitments to social housing and crisis accommodation.

“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,” he said.

“The property sector, one of Australia’s largest industries and the country’s largest employer of people, delivers housing for all, and we look forward to seeing these commitments delivered,” he said.

Mr Zorbas also noted that questions remain about the existing Australian workforce’s capacity to deliver on the pipeline of housing needed.

“We must be realistic about the workforce required to deliver these future homes,” Mr Zorbas said.

“While the extra skills and training funding in the Budget announced earlier this week is welcome, we need more than training alone to turn out the construction workforce Australia requires at the speed we need.

“With only 1.8 per cent of migrants coming into the country over the past twenty years focused on construction work, we need to ensure we boost the share who will build our future homes,” he said.


Media contact: Rhys Prka | 0425 113 273 | [email protected]

Ellie Laing-Southwood | 0416 007 830 | [email protected]