We need to double down on creating the commercial, industrial and residential assets our growing cities are crying out for.
Better and faster planning outcomes? A no brainer.
The $3 billion of federal government carrots for states that hit national housing targets and sparking planning reforms around the country? Warmly welcome.
1.2 million well-located homes by FY2029? We are dreaming.
That is according to our Mandala Partners report, Smarter Incentives, More Homes.
Yesterday, we shared with media around the country that we face a shortfall of 462,000 well-located homes by 2029. Important to note the projected shortfall is not necessarily a drop from the National Housing Supply and Affordability Council’s 2024 projections that showed a 297,000 home shortfall, rather based on a different methodology. For the policy wonks, the Mandala method is at page 50 for your enjoyment.
However you measure the housing gap, we also underscored the huge opportunity.Â
Forget $300 of energy relief. Building those 1.2 million homes could save Australian renters an average of $90 a week.
The pathway? A new improved New Homes Bonus scheme with added building power (cost <0.5 per cent of the Federal budget):
Increase the total scheme value to $6 billion and ring-fence any unspent funding for future housing supply initiatives
Refine the scheme by bringing forward payments and extend its duration to seven years, maintaining the annual 240,000 home target. This will enable jurisdictions to undertake broader planning reforms
Strengthen transparency through clear public reporting on progress and formally share best practice between jurisdictions
Establish a Housing and Planning Sub-Committee of Cabinet and consider all available levers to support housing supply, including demand side in markets like Victoria that.Â
Next week: look out for our Federal Budget member alert on Tuesday night