Labor announces $11.3b budget housing package
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The news: The Albanese government says next week's budget will include $11.3 billion in new investments on housing programs.
The numbers: In a statement released late Friday, the government said the bulk of the funding — $9.3 billion — will go towards a five-year national agreement with the states and territories to fight homelessness, provide crisis support and build and repair social housing.
A further $1 billion will be spent on crisis and transitional accomodation for women and children fleeing domestic violence, as well as youth, and $1 billion will be allocated to building infrastructure for new homes.
The government says the spending is in addition to more than $25 billion in already announced investments in housing.
The context: Labor has faced pressure over housing from the opposition, the Greens and the crossbench as rising rents and house prices have added to the cost-of-living crisis.
Treasurer Jim Chalmers told Capital Brief in an interview this week that next Tuesday's budget will not put upward pressure on inflation, amid concerns an expansionary budget would risk forcing the RBA to keep rates higher for longer and add to pressure on households.
What they said: "This isn't about one suburb or one city or one state. It's a challenge facing Australians everywhere and it needs action from every level of government," Prime Minister Anthony Albanese said in the statement.
The source: Government media release
