The budget commits $13.4 million over four years, and $4.2 million each year ongoing, to develop a 10-year National Housing and Homelessness Plan in 2023.
This is to be developed in conjunction with states and territories, industry bodies and not for profits. The strategy will “support the development of short, medium and long term housing and homelessness policy.”
The National Housing and Homelessness Agreement (NHHA) will be extended by one year until 30 June 2024 while the new agreement is developed. Funding for the NHHA extension has already been provided, while the homelessness plan will be partially funded through existing resources from the Department of Social Services.
What about Housing?
There is a new National Housing Accord to deliver up to 20,000 new affordable homes. Increased government and institutional investment will need to be complemented by significant planning and zoning reform, and increased productivity in construction to make a greater housing supply a reality.
The government has set a goal of building 1 million new homes over five years from 2024.
The homes are expected to be built under a new national housing accord, an agreement between all levels of government, institutional investors and the construction sector.
The government expects there will be around 180,000 housing completions each year in 2022, 2023 and 2024 before the goal kicks in.
While building 1 million homes in five years sounds ambitious, data shows 985,085 dwellings were completed in the five years to March 2022.
The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.
Most of the reforms are designed for homeowners, not renters. Unfortunately, there doesn’t seem to be any specific supports for renters which young people predominantly are. While there is a push to grow affordable home ownership opportunities, there is little to assist young people who are unable to save for a housing deposit.
Wellbeing budget could put a dent in youth homelessness – PBA (probonoaustralia.com.au)
Budget October 2022-23 – Improving Housing Supply and Affordability
Housing spending blitz in budget – PBA (probonoaustralia.com.au)
Read the National Housing Accord here.
Education and Employment
There are new employment and education opportunities for young people in the budget but more needs to be done to improve the quality of life for young Australians. Here’s a snapshot of what’s on offer for young people in the Federal Budget 2022-23 in terms of education and employment:
- Nearly half a billion dollars is being invested in Australian schools to assist students who had Covid-19 disruptions to their education
- This includes a $203.7 million Student Wellbeing Boost which will give all schools around $20,000 to spend on mental health support, excursions or social activities
- $621 million over 4 years for 465,000 fee-free study opportunities in the vocational education sector with a focus on priority courses in health, community services and trade-based qualifications
- $485.5 million to create 20,000 new university places for disadvantaged students over the next two years; these will focus on priority skills shortage areas of nursing, teaching, engineering and technology and will go to students from disadvantaged, rural or First Nations backgrounds
- A number of incentives/programs to attract young people to certain fields; these include apprenticeships and other opportunities to earn while completing study.