Albanese government under fire after mammoth housing fund invests equivalent of eight Sydney homes in one year

The federal government’s ambitious housing targets have once again come under fire after it was revealed Labor’s $10 billion Housing Australia Future Fund invested the equivalent of eight median-priced Sydney homes in the last financial year.

The National Housing Accord, which began in July 2024, aims to deliver 1.2 million new homes by 2029 - but Treasury has warned the target “will not be met” in advice that was accidentally leaked in a freedom of information request.

However Housing Minister Clare O’Neil defended the contentious target and told Sky News that the public should “applaud” the “ambitious goal for the country.”

Despite Ms O’Neil’s insistence that the figure was achievable, ABS figures show the government could fall more than 200,000 homes behind the target by 2029.

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