Social housing serves a social and economic purpose and contributes to the effective functioning of Australian society.83
There is growing evidence of the broader social and economic benefits provided by safe, stable, appropriate and affordable housing.84
They include improved individual wellbeing, higher worker productivity and monetary and societal benefits, such as offsetting public sector costs for health, Justice and specialist homelessness services.
When social housing is combined with targeted support services that help people with health and other wellbeing issues, the social and economic outcomes can multiply.85
Despite its contribution, Australia's social housing is facing challenges:
• The available housing assets are ageing and maintenance costs continue to grow.86
• Supply does not meet demand.
• Overcrowding is leading to poor health and social outcomes for Aboriginal and Torres Strait Islander peoples in Remote Areas.87
Australia needs 728,600 new social housing properties and 295,000 affordable rental homes by 2036.
Filling the social housing gap can meet current and future demands and provide opportunities for people to transition to different types of housing - from crisis accommodation to private ownership.88
In 2018, the Australian Government created a new affordable housing investment pathway through the National Housing Finance and Investment Corporation, to deliver cheaper and more efficient financing.89 However, the sector and governments need to do more to generate efficient financing and progress initiatives aimed at closing the funding gap to deliver the social housing Australians need.90