The federal government is set to make another attempt to pass critical housing legislation as Australia grapples with a deepening housing crisis.
This includes the contentious Help to Buy shared ownership scheme, which has faced resistance from the Greens and the Coalition.
The legislative push, announced by Senator Murray Watt, comes as the government prepares to tackle a packed agenda in its final sitting week of 2024, with approximately 30 bills slated for consideration.
The housing crisis remains a pressing issue in Australia, marked by skyrocketing property prices, limited rental availability, and growing homelessness.
The Help to Buy scheme aims to assist first-time homebuyers by offering government support to purchase homes, reducing the upfront cost burden.
Under this initiative, eligible buyers can co-purchase properties with the government, easing financial pressures and making homeownership more accessible.
The policy would allow 40,000 homeowners to purchase a property with the government taking an equity stake of up to 40% for new builds and 30% for existing homes.
If enacted, the legislation could lead to the creation of tens of thousands of new rental homes, offering more options to renters facing financial strain.
However, the Greens have raised concerns that the policy could drive up housing prices amid a supply shortage and argue that it would benefit only a limited number of potential homeowners.
In September, the Greens postponed a vote on the bill to allow for further negotiations, but it is understood that no agreement has been reached with Labor.
Housing Minister Clare O’Neil urged the Greens to end the delays and collaborate with the government to advance meaningful legislation.
“This ongoing charade from the Greens must come to an end,” Ms. O’Neil stated.
