Housing Investment Fund blowouts cost 1600 homes for Queenslanders

• 20% fewer homes are being delivered under the Housing Investment Fund than Labor promised.
• Despite promising 5,600 homes under the fund by 2027, just 4,000 homes will be delivered due to Labor’s cost blowouts and decision to purchase existing homes instead of building new ones. 
• Labor’s decision to divert funds to purchasing from the private market instead of building new homes has put more pressure on the Queensland Housing Crisis. 

Major blowouts on the Housing Investment Fund under the former Government mean the dedicated fund will build 1600 fewer homes than promised by 2027.

Labor promised Queenslanders the Housing Investment Fund would build 5,600 new homes by 2027, instead the fund will deliver 20% fewer homes than promised.

What’s worse, Labor was secretly using the fund to purchase homes from the private market instead of building new homes, adding pressure to the Queensland Housing Crisis. 

Under Labor the fund failed to build a single new home for Queenslanders in need, more than three years after it was first announced.

The Crisafulli Government has committed to refocusing the Housing Investment Fund towards building new homes for Queenslanders.   

After a decade of woeful underinvestment in social housing, a shocking 47,820 Queenslanders are left on the waitlist.  

Minister for Housing Sam O’Connor said the Crisafulli Government would redirect every single dollar of the Housing Investment Fund to building new homes.

“Labor made the Housing Investment Fund a hoax and Queenslanders on the social housing waitlist have paid a high price for this failure,” Minister O’Connor said.

“Instead of adding to supply by building the homes Queenslanders desperately needed, they diverted funds to buy existing properties. 

“Labor knew as early 12 months ago that their approach was failing, yet they chose to do nothing, leaving Queenslanders worse off today. 

“Queenslanders will have 1600 fewer homes because of Labor’s waste and mismanagement of the Housing Investment Fund. 

“The Crisafulli Government is turning the Housing Investment Fund around, securing its pipeline of projects and ensuring every dollar is spent on building new homes to deliver the supply Queensland needs now and into the future.”  

The Crisafulli Government’s Securing Our Housing Foundations Plan includes:

Building 1 million homes by 2044, including 53,500 social and community homes. 

Redirecting the Housing Investment Fund exclusively towards building new homes, ensuring Queenslanders get the housing solutions they need. 

Unlocking church and charity-owned land, for community housing projects in partnership with Community Housing Providers. 

ENDS

MEDIA CONTACT: Caet Young 0414 966 406