Australia Asks Its Biggest Investors to Help Fix Housing Crisis
- Government announces new plan for affordable homes in budget
- Plan will initially help fund 10,000 homes over five years
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Australia’s government is seeking to partner with the nation’s A$3.3 trillion ($2.1 trillion) pensions industry and other institutional investors to build more affordable rental housing.
The government will spend A$350 million on helping to build 10,000 homes over five years from 2024, according to a statement released ahead of Tuesday’s federal budget. The funding aims to incentivize some of the nation’s largest investors to back the projects by covering the gap between market and subsidized rents.