NSW Federal Budget 2024: Is This Another Band-Aid Solution To The Housing Crisis?

The 2024-2025 NSW Federal Budget marks a historic moment for housing and social welfare in New South Wales. The state government has announced its largest-ever single investment in social housing, pledging to deliver 30,000 new homes. This unprecedented move aims to address the housing crisis and support the most vulnerable populations, particularly women and children fleeing domestic violence.

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Record-Breaking Social Housing Investment

At the heart of the budget is a commitment to building 8,400 new social homes. Notably, half of these will be designated for women and children escaping domestic violence. This initiative is a significant step towards providing safe havens for those in desperate need of refuge. Dominique Rowe, CEO of Homelessness NSW, highlighted the importance of this investment, stating, "three-thousand homes for people escaping domestic and family violence means that women and children fleeing very violent homes will have a place to go."

While this investment is a critical stride forward, Rowe emphasised that it is just the beginning. "We still have 58,000 people on the waiting list for social homes in New South Wales, and we need to do more than what we've got at the moment," she said. The enormity of the waiting list underscores the urgent need for continued and expanded efforts in social housing.

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Affordable Housing for Everyday Heroes

In addition to the focus on social housing, the budget allocates $450 million to construct more than 400 build-to-rent dwellings over the next three years. These homes will be offered at a discount to market rent and will be available to essential workers such as teachers, nurses, police officers, and firefighters. This initiative aims to ensure that those who provide crucial services to the community can afford to live in the areas they serve.

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Unlocking New Housing Opportunities

An audit of NSW government-owned land has identified 44 sites that will be sold to Housing NSW, Landcom, or property developers. These sites are earmarked for the construction of 21,000 new homes. This strategic move is designed to expedite the development of new housing and make a significant dent in the housing shortage.

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Winners and Losers in the NSW Budget

The NSW Treasurer, Daniel Mookhey, has outlined various beneficiaries of the budget. Besides the major investment in housing, there are substantial funds allocated for new and upgraded schools, ensuring that the educational infrastructure keeps pace with growing communities. However, as with any budget, there are also sectors and groups that may feel less prioritised.

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Conclusion

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