Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 [No. 2]

High-Level Summary
The Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 [No. 2] aims to implement several initiatives to increase housing supply and affordability in Australia. It proposes the establishment of the Housing Australia Future Fund (HAFF) to finance social and affordable housing, and the creation of the National Housing Supply and Affordability Council as an advisory body to inform government policy.

Summary
The bill amends several pieces of legislation to establish the Housing Australia Future Fund (HAFF), which will be credited with $10 billion to support social and affordable housing initiatives. It introduces the National Housing Supply and Affordability Council as an independent statutory advisory body to offer guidance on improving housing supply and affordability. From the explanatory memo:
The HAFF would provide up to $500 million per year to support social and affordable housing and meet acute housing needs, including housing improvements for Indigenous communities and services for women, children, and veterans. The Council will provide independent advice to the government on housing policy.
The amendments include renaming the National Housing Finance and Investment Corporation to Housing Australia to align with the government's housing strategies. The bill also extends the Commonwealth guarantee for Housing Australia's liabilities to enhance its financial operations.

Argument For
Normative Bases
  1. Egalitarianism
  2. Pro-Democracy
  3. Environmentalism

The bill should be supported because it addresses critical housing shortages and affordability issues, which are essential for ensuring equitable access to housing for all Australians. By establishing the HAFF, the government is creating a sustainable funding source to support the construction of 30,000 social and affordable homes, which aligns with egalitarian principles by improving equality in housing access [Judgment]. Furthermore, the independent advisory council enhances democratic governance by ensuring housing policies are well-informed and effectively address public needs. The focus on improving housing for Indigenous communities and vulnerable groups also promotes social justice and inclusion.


Argument Against
Normative Bases
  1. Propertarianism
  2. Legal Principle

The bill should be opposed because it could lead to increased government intervention in the housing market, potentially disrupting property rights and market dynamics. The establishment of a large fund like the HAFF might involve significant administrative costs and inefficiencies [Judgment]. Additionally, the creation of a new advisory council could duplicate existing efforts and create bureaucratic redundancies, possibly leading to legal complexities in housing regulations. There is also a concern about the long-term fiscal impact of the fund, including the risk of mismanagement and reduced accountability in public spending [Judgment].


Date:

2023-08-02

Status:

Not Proceeding

Sponsor:

Unspecified

Portfolio:

Treasury

Categories:

Housing Policy, Social Support / Welfare, Infrastructure

Timeline:
02/08/2023
28/03/2025

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