Prime Minister Anthony Albanese has announced the government’s plan to pay $3 billion for states to build 1.2 million homes by the end of the decade.

Following a shortage of housing and increased rent, Albanese says that the funding for the plan is well underway.

“This is borrowed unashamedly from some of the Hawke government reforms, where you had incentive payments,” he said.

An additional $500 million will be granted by the Federal Government towards essential services, aiming to help fast track the building process of housing construction and building approvals.

The original plan was to build 1 million homes from 2024.  However, there has been increased concerns about possible building supply shortages holding it up, after the announcement of the additional 200,000 homes.

“This is an initiative that shows how serious we are as state and territory governments across the political spectrum as well as the Commonwealth, understanding that supply is the key,” Albanese said.

Photo: Meriton Imperium Apartments by David McKelvey available HERE and used under a Creative Commons license. This image has not been modified.