New Homes Bonus
Cook AP
Author
The Albanese Labor Government has created a $3 billion New Home Bonus to get more homes built across Australia. The program will pay states and territories $15,000 for each new home they build above their original housing targets, aiming to deliver an extra 200,000 homes and bring the total to 1.2 million new homes over five years.
Unlike other funding which is divided up based on state population, the New Home Bonus will reward the states and territories that do the most to boost housing supply. The $15,000 payments will begin in 2028, acting as a reward for states that exceed their targets.
This incentive represents Labor's expansion of the National Housing Accord, increasing the national target from 1 million to 1.2 million new homes over five years from 2024.
[1] https://www.smh.com.au/politics/federal/new-3-5-billion-incentive-for-states-to-lift-housing-target-20230816-p5dwyo.html
[2] https://www.theguardian.com/australia-news/2023/aug/16/national-cabinet-agrees-to-build-12m-new-homes-in-bid-to-tackle-housing-crisis