In a significant political development, the Australian government's central housing bill is on the verge of success, thanks to support from the Greens party. The bill, aiming to establish a A$10 billion fund, is set to pass the parliament as the Greens pledged their backing in exchange for increased investments in community housing projects. Prime Minister Anthony Albanese expressed his satisfaction with this crucial step towards addressing Australia's housing crisis. However, this progress comes after previous delays and threats of an early election. The nation now anticipates a positive impact on housing availability and affordability as the bill moves forward.
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Earlier this week, the Australian government announced that its central housing legislation, which aims to establish a $10 billion fund, is expected to gain approval in parliament. This comes as the Greens party promised their support in exchange for increased investments in community housing projects. The plan, introduced by the centre-left Labour government, intends to utilize the fund's returns to construct 30,000 new social and affordable rental homes within a five-year timeframe starting in 2024/25.I am truly delighted that the Housing Australia Future Fund has garnered majority backing in the Senate expressed Prime Minister Anthony Albanese in parliament.
Albanese highlighted that the government's housing strategy would result in increased housing for essential workers, greater affordability for renters in Australia, and expanded housing options for those facing the greatest need.
Although the Labour party lacks a Senate majority, both Labour and the Greens are in favour of addressing Australia's housing challenges. However, opposition parties had previously obstructed the bill in the Senate in June. At that point, the Greens aligned their votes with the primary opposition party, the centre-right Liberal Party, to postpone the bill. Their demands included an annual housing spending of A$2.5 billion and a nationwide rent freeze.
When faced with the possibility of the opposition blocking the bill once more, Albanese hinted at the potential for an early election. The government holds the authority to dissolve both chambers of parliament if the upper house rejects a bill passed by the lower house on two occasions. Adam Bandt, the leader of the Greens, attributed the government's decision to allocate an extra A$1 billion this year to community housing to the influence exerted by his party. He stated that their next objective would be to advocate for freezing rent increases.
Effective pressure yields results. We intend to apply that same pressure and influence to advocate for a freeze on rent and the implementation of rent caps, Bandt informed reporters in Canberra. Bandt anticipated that the bill would probably receive approval in the Senate later this week.
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