Labor's $10 billion Housing Australia Future Fund (HAFF) was designed to address the housing crisis by building homes for those in need. Prime Minister Anthony Albanese, who grew up in public housing, emphasized the importance of stable housing when he proposed the fund in 2021. He stated, "The home I grew up in gave me and my mum so much more than somewhere to sleep. It gave us pride, dignity and security, and gave me a future."

However, four years later, the HAFF has faced significant challenges. The government, which pledged to increase housing supply, has yet to complete a single new home through the fund. Critics argue that this delay is unjust, as the construction sector is notoriously slow, especially in Australia’s complex housing market. The HAFF has only been operational for two years, but its slow start has raised concerns.

Documents reveal that the HAFF is not only behind schedule but also exceeding initial cost estimates. The average cost per home has surpassed $750,000, with some projects exceeding $1 million. One housing company, supported by two major super funds, has secured contracts worth over $2 billion in public funds. While these prices may reflect the current high construction costs, they are significant for a program that was intended to provide only a subsidy, not cover entire project costs.

The HAFF is also under pressure to meet its goal of building 40,000 social and affordable homes within five years. Delays have already been reported, with some initial homes taking years to complete. Industry insiders acknowledge that while the program is gaining momentum, the early setbacks highlight the slow and challenging nature of addressing the housing crisis.

The HAFF must navigate a transformed public housing landscape since Albanese's youth. There is now less public housing available relative to the population, as states and territories have struggled to maintain and expand their housing stock. The federal government has not provided significant funding for new projects since the Gillard administration. This lack of investment, combined with a growing affordability crisis, has left many low-income individuals facing long wait times for housing support and at risk of homelessness. Additionally, middle-class families are increasingly unable to afford market rents, further complicating the housing situation.