The 2023-24 Budget begins the long-term work of rebuilding our social and affordable housing system.
Housing affordability and availability is the biggest single pressure facing the people of NSW, with mortgage payments or rent the largest expense for most households.
Addressing the chronic shortage of housing across NSW requires a long-term plan. The NSW Government has today taken important steps which will support First Home Buyers, renters and victim survivors of domestic violence. The 2023-24 Budget includes:
Social and affordable housing and homelessness:
The NSW Government will establish Homes NSW to deliver better outcomes for public and social housing tenants, deliver more affordable and social housing and reduce the number of people experiencing homelessness in NSW.
The 2023-24 Budget will also begin addressing housing supply and provide critical support programs to our most vulnerable people through a $224 million Essential Housing Package. The package includes:
- $70 million debt financing to accelerate the delivery of social, affordable and private homes primarily in regional NSW.
- $35.3 million to continue to provide housing services for Aboriginal and Torres Strait Islander families through Services Our Waylaunch.
- $35 million to support critical maintenance for social housing.
- $20 million reserved in Restart NSW for dedicated mental health housing.
- $15 million to establish a NSW Housing Fund for urgent priority housing and homelessness measures to confront the housing crisis.
- $11.3 million to extend the Together Home program.
- $11 million urgent funding injection to Temporary Accommodation in 2023-24 to support rising homelessness.
- $10.5 million urgent funding injection to the Community Housing Leasing Program.
- $10 million Modular Housing Trial to deliver faster quality social housing.
- $5.9 million urgent funding for 2023-24 to allow specialist homelessness services to address increasing demand.
Boosting housing supply:
- $300 million reinvested in Landcomlaunch to accelerate the construction of thousands of new dwellings, with 30% for affordable housing.
- $400 million reserved in Restart NSW for the new Housing Infrastructure Fund, to deliver infrastructure that will unlock housing across the state.
- $1.5 billion for housing related infrastructure through the Housing and Productivity Contribution.
- $60 million supporting new “Build to Rent” trials in the South Coast and Northern Rivers.
Planning reforms:
- $24 million to establish a NSW Building Commissioner to support high quality housing and protect home buyers from sub-standard buildings.
- $9.1 million to assess housing supply opportunities across government-owned sites, including for the delivery of new social housing.
- $5.6 million for an artificial intelligence pilot to deliver planning system efficiencies.
- Overhaul and simplify the planning system by redirecting resources from the Greater Cities Commissionlaunch and Western Parkland City Authority.launch
Today is another step in the right direction to rebuild our housing system. That means more money to build social and affordable homes as well as funding for vital homelessness services that some of the most vulnerable people of NSW need.