The program was designed for immediate impact, with funds delivered to states and territories within two weeks of announcement, aiming to create approximately 4,000 new and refurbished homes for Australians on social housing waiting lists. States and territories have flexibility to boost housing stock through new builds, program expansions, or renovating uninhabitable stock, with all funding to be committed by 30 June 2025.

Progress reporting shows that as of 30 June 2024, $150.5 million of the $2 billion has been spent, with 1,834 dwellings either committed, commenced, or completed out of 3,891-3,978 planned dwellings. The largest allocations went to New South Wales ($610.1 million), Victoria ($496.5 million), and Queensland ($398.3 million).

States must demonstrate that projects are additional to business as usual through implementation plans and six-monthly Statements of Assurance to ensure a permanent increase in social housing stock. New South Wales leads the progress with 896 dwellings in various stages, followed by Western Australia with 320 dwellings, while some jurisdictions like the ACT are yet to commence their allocated projects.

[1] https://alp.org.au/news/2-billion-delivered-for-accelerated-social-housing-program/

[2] https://treasury.gov.au/policy-topics/housing/social-housing-accelerator