Have you been hearing about the Greens housing policy lately?
Australia’s housing market has long been a topic of intense debate, with rising house prices and rental costs putting pressure on many Australians.
The Australian Greens have proposed a comprehensive plan to address the housing crisis, aiming to make housing more affordable and accessible for everyone.
But what exactly does the Greens’ plan for the housing market entail?
How the Greens Housing Policy is Addressing the Housing Crisis
The Greens housing policy is designed to tackle the housing crisis head-on.
Their strategy includes:
- Public and Affordable Housing: The Greens propose a significant investment in public and affordable housing. Their plan aims to build hundreds of thousands of new homes over the next decade to ensure that everyone has access to secure and affordable housing.
- Public Property Developer: To facilitate this, the Greens advocate for the creation of a public property developer. This entity would focus on building homes that are sold and rented at prices people can actually afford, bypassing the profit-driven motives of private developers.
- Investment in Social Housing: The plan includes a strong emphasis on increasing the stock of social and community housing. This move is aimed at reducing the waiting lists and providing stable housing for vulnerable populations.
Key Elements of the Greens Housing Policy
Building One Million Homes
One of the central pillars of the Greens’ housing policy is to build one million public and community homes over the next 20 years.
These homes will be high-quality, sustainable, and accessible, addressing the needs of those currently locked out of the housing market.
Suggested Reading: House Prices in Australia Highest in 2 Years – Here’s Why
Key Points:
- 750,000 homes reserved for low-income individuals to reduce public housing waiting lists and homelessness.
- 125,000 shared ownership homes to help first-home buyers enter the market at affordable prices.
- 125,000 public universal access rental homes to provide more secure housing options.
Shared Equity Ownership Scheme
The Greens propose a Shared Equity Ownership Scheme, allowing individuals to buy up to 75% equity in a Federal Housing Trust home for $300,000.
This scheme aims to make homeownership more accessible for those currently unable to buy a home.
Want to learn about other schemes? Check out Soho’s guide to Every Government Scheme and Grant in 2024.
Key Benefits:
- Waived stamp duty for participants.
- Access to concessional Commonwealth loans with a 10% deposit.
- Ensures homes remain in public hands by requiring equity to be sold back to the Commonwealth at a fair rate.
Federal Housing Trust
A Federal Housing Trust will be established to oversee the construction and maintenance of these homes, ensuring they are built to high standards and remain affordable.
Economic and Social Impact
The Greens’ housing plan is expected to have a significant positive impact on both the economy and society:
- Job Creation: The construction of one million homes is projected to create 45,000 direct jobs and 90,000 indirect jobs annually.
- Economic Stimulus: Investing in housing construction will boost the economy, particularly in the post-pandemic recovery phase.
- Social Benefits: Providing secure and affordable housing will help reduce homelessness and improve the quality of life for many Australians.
Funding the Plan
To fund this ambitious plan, the Greens propose several measures:
- Implementing a billionaires tax and a corporate super-profits tax.
- Reducing tax concessions for property investors, including negative gearing and capital gains tax discounts.
- Cutting handouts to the fossil fuel industry.
Enhancing Housing Affordability
Tax Reforms
The Greens’ housing plan also involves significant changes to the tax system:
- Abolishing Negative Gearing and Capital Gains Tax Discounts: These measures are intended to reduce speculative investment in housing, which drives up prices and makes it harder for first home buyers to enter the market.
- Redirecting Tax Benefits: The funds saved from abolishing these tax concessions would be redirected towards building public and affordable housing.
Renters’ Rights
To support renters, the Greens propose:
- Rent Caps and Controls: Implementing measures to cap rent increases and provide greater security for renters.
- Strengthening Tenants’ Rights: Ensuring that renters have stronger legal protections and access to fair dispute resolution processes.
Sustainable Development
The Greens are also committed to ensuring that new housing developments are sustainable:
- Eco-Friendly Building Standards: Promoting the use of environmentally friendly building practices to create energy-efficient homes that reduce living costs and environmental impact.
- Integrated Communities: Focusing on building integrated communities with access to public transport, green spaces, and essential services.
Further Reading
For more detailed information about the Greens’ housing policies, you can read their official policy platform here.
By implementing these strategies, the Greens aim to create a housing market that is fair, sustainable, and accessible to all Australians, addressing one of the most pressing social issues of our time.
FAQs on Greens’ policy on housing
What is the Greens’ policy on housing?
The Greens’ housing policy includes investing in public housing, ensuring rent affordability, and enhancing tenant rights. Their charter emphasizes social justice, sustainability, grassroots democracy, and peace.
What actions is Australia taking to address the housing crisis?
Australia has implemented the Housing Australia Future Fund, which allocates $10 billion to build 40,000 social and affordable homes over five years. Additionally, the Social Housing Accelerator program with $2 billion funding aims to speed up the construction of social housing.
What is Victoria’s approach to the housing crisis?
Victoria’s housing policy, outlined in “The Decade Ahead 2024-2034,” plans to produce 80,000 new homes annually. This initiative focuses on improving housing supply and affordability through comprehensive planning and housing reforms.
How is housing affordability managed in NSW?
In NSW, affordable housing properties are controlled by Community Housing Providers, setting rents at 20% to 35% below market rates. Eligibility criteria generally require the applicant to be at least 18 years old.
