The Labor government's signature housing policy promised to deliver 1 million new homes by 2029 through the Housing Australia Future Fund. As of mid-2026, fewer than 80,000 have been completed or commenced under the scheme — a delivery rate of under 8%.
The original fund was capitalised at $10 billion, with returns to be used for social and affordable housing. However, interest rate movements reduced projected returns significantly, and the government has repeatedly revised its delivery timelines without public acknowledgement.
Key findings:
- Original target: 1,000,000 homes by 2029
- Delivered or commenced: ~80,000 (as of June 2026)
- Budget allocated vs. spent: $10B committed, $1.2B disbursed
- Ministerial statements citing 'on track': 14
- Independent assessments rating delivery as 'at risk': 7 of 7
The National Housing Supply and Affordability Council — the government's own advisory body — rated the program as 'significantly behind schedule' in its March 2026 report. That report received no ministerial response.