Hundreds of rentals will be stripped from an affordable housing scheme within the next four years.
Thousands of low-income renters will face steep rent increases or be forced to move as government subsidies under the scrapped National Rental Affordability Scheme (NRAS) come to an end.
The most recent quarterly federal government report on the scheme shows 931 allocations across the Sunshine Coast and Gympie will expire by 2026.
The end of the scheme means the 30,000 homes built under the new government’s Housing Australia Future Fund over its first five years will scarcely maintain the existing supply of affordable housing.
An Everybody’s Home Budget position paper recently released says at least 25,000 new social housing dwellings are needed annually across Australia to help end the crisis.
The paper shows that constructing 25,000 social homes per year would generate an annual economic output of $12.9 billion.
Queensland will be hardest hit by the final phasing out of the scheme, losing 6,999 affordable properties by 2024 and 7,602 in total by 2026.
NSW will lose 5,178 allocations, Victoria will lose 4,366 and Western Australia will lose 4,656.
Everybody’s Home spokesperson Kate Colvin says greater action must be taken now to alleviate the housing crisis.
“Despite being one of the richest nations in the world, Australia is facing a full-blown housing crisis with more than a million low-income Aussies living in housing stress,” she says.
“Since the start of the Covid pandemic, rents have increased 26 per cent, hitting record highs in many suburbs.
“The winding down of the National Rental Affordability Scheme will see Australia lose almost 30,000 affordable homes, effectively negating any impact of the Housing Australia Future Fund.
“We welcome the Fund as a great start, but all the evidence shows that much more is needed if we are to give low and modest income Australians the stability and security they need.”