Budget 2024: Government Pledges to Build 1.2 Million New Homes in Five Years

The federal government has announced $6.2 billion to build new homes in the 2024-25 federal budget to try to deal with Australia’s housing shortage. The budget aims to cover an “ambitious” promise to build 1.2 million homes in five years. The funding adds to Labor’s $32 billion spend on housing since 2022. Federal treasurer Jim Chalmers touted the government’s plan as “ambitious but achievable if we all work together and if we all do our bit”. Mr. Chalmers said more homes would bring prices down. “The current housing pipeline is backed up,” he told Parliament on May 14 evening during the release of the budget....