As the federal government tries to push through a swathe of new laws this fortnight, its $10 billion (US$6.7 billion) Housing Australia Future Fund is at risk of being shot down by the crossbench.
Under Labor’s proposed law, a cap of $500 million a year will be applied to funding for building new social and affordable housing. Other portions of the fund will go towards improving Indigenous housing and helping women and children with leaving domestic violence situations.
Housing Minister Julie Collins called the fund the “single biggest investment from the federal government in social and affordable housing in more than a decade.”
The Coalition have already expressed its opposition, leaving Labor to continue negotiation with the Greens and Independent Senators Jacqui Lambie and David Pocock if the bill is to have a chance of passing the upper house.
However, Greens spokesperson for housing and homelessness, Max Chandler-Mather, called the fund a “disastrous plan” that would gamble away $10 billion on the stock market.
Chandler-Mather said the Greens would support the legislation if Labor agreed to commit $5 billion every year in direct investment to public and affordable homes for the next decade.
“If Labor can find $368 billion to fund AUKUS, which will amount to $12 billion a year on…
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