Promise check: Establish a $10 billion Housing Australia Future Fund

At the 2022 election, Labor promised to establish a $10 billion Housing Australia Future Fund. Here's how that promise is tracking.

(Image by ABC News: John Gunn)

Before the 2022 election, Labor promised to create a $10 billion Housing Australia Future Fund, interest from which will be used to fund a number of housing projects.

In an article published by the online opinion site The Big Smoke in September 2021, Labor leader Anthony Albanese said that getting more people into work "means nothing" if they are "unable to access decent housing or if the housing they have access to is unaffordable".

"That's why Labor would create the Housing Australia Future Fund, a $10 billion investment in social and affordable housing," he said.

According to a policy document on the ALP's website:

"Each year investment returns from the Housing Australia Future Fund will be transferred to the National Housing Finance and Investment Corporation (NHFIC) to pay for social and affordable housing projects."

The document specified how many projects would be funded over five years, a period that extends beyond the scope of this promise tracker.

Assessing the promise

If the government establishes a $10 billion housing fund this promise will be considered delivered.

Budget outcome documents will be used to assess whether the fund has been created, in addition to annual reports and media releases from the National Housing Finance and Investment Corporation (NHFIC).

Here's how the promise is tracking:

19 May 2023

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Promise check: Establish a $10 billion Housing Australia Future Fund