Budget 2024: Additional $11.3bn promised for housing

The Albanese government has made significant new housing investments in the Budget to help deliver a comprehensive Homes for Australia plan.

"We're easing the cost of living - and we're building more homes for Australians. In the five years from this July, we aim to build 1.2 million of them. Our goal is ambitious - but achievable, if we all work together and if we all do our bit," Treasurer Jim Chalmers said.

"Tonight's Budget delivers an additional $1.9 billion in loans to help build 40,000 social and affordable homes. We have also secured the national housing agreement, which would otherwise have run out."

Earlier this week, the Prime Minister convened national cabinet where premiers and chief ministers backed the new measures in the Budget to help Australians build, rent and buy.

The new investments include $1 billion directed towards crisis and transitional accommodation for women and children fleeing domestic violence, and youth under the National Housing Infrastructure Facility.

The Budget increased the proportion of grants for the investment from $175 million to $700 million to support crisis and transitional housing.

Another $1 billion will be invested to get homes built sooner with funding to go towards states and territories to build roads, sewers, energy, water, and community infrastructure needed for new homes and additional social housing.

In addition, a new $9.3 billion five-year National Agreement on Social Housing and Homelessness will be funded for states and territories to combat homelessness, provide crisis support and build and repair social housing.

This includes a doubling of Commonwealth homelessness funding to $400 million every year, matched by states and territories.

The new investment builds on the more than $25 billion in new housing investments the Albanese government has promised over the next decade, including:

$10 billion Housing Australia Future Fund to build 30,000 social and affordable rental homes

$2 billion Social Housing Accelerator to deliver around 4,000 new social homes across Australia

$3 billion New Homes Bonus to incentivise states and territories to build more homes

$5.5 billion Help to Buy scheme to help more Australians buy their own home

$2.7 billion to increase Commonwealth Rent Assistance by 15%

$2 billion in financing for more social and affordable rental homes

The Albanese government has an ambitious goal of building 1.2 million homes by the end of the decade.

"This Budget will provide an additional $1 billion for social and emergency housing to support women and children escaping domestic violence and will ensure a new five-year funding agreement with states and territories for housing and homelessness," Prime Minister Anthony Albanese said.

"We are encouraging states and territories to kick-start building by providing an extra $1 billion to help fund the roads and services new homes need, and for new social housing."

Treasurer Jim Chalmers said housing was a priority for the government, which is why it was a big focus in the Budget.

"Australia needs to build more homes more quickly and that's what this substantial investment will help to deliver," Chalmers said.

"We're delivering billions more dollars in the Budget to build more homes across the country because we know that to address this housing challenge, we need to boost supply."

Read more: Jim ChalmersAnthony Albanese