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Only 10% of $10B housing fund homes finalised after rushed launch

Written by Jon CuthbertPublished Jan. 5 2026Last Updated Jan. 5 2026

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Nearly two years after its hurried launch, the federal government’s $10 billion affordable housing program, the Housing Australia Future Fund, has finalised funding for only 10% of the homes it aims to deliver, highlighting ongoing struggles in Labor’s flagship housing policy.

Redacted board minutes obtained by media reveal that while Housing Australia, the agency administering HAFF, reported signing contracts for 279 projects by June last year to develop 18,650 social and affordable homes, only 3,315 homes had reached financial close, the stage required to access public funding.

The minutes underscore intense pressure from then-chairwoman Carol Austin to meet political deadlines, pushing for a "minimum viable product" launch in December 2023 despite the fund only being legislated in September and the agency lacking sufficient staff.

Former Housing Australia officials, speaking anonymously, described repeated delays in board approvals and lengthy application assessments, attributing them to the rushed rollout.

The round-one tender alone received applications for more than 26,000 homes, awarding contracts for 13,700, forcing the agency to rely heavily on consultants, including EY and Deloitte, at a combined cost of over $6 million.

Staff turnover has been high, with a quarter of employees leaving over the past year and six of the top eight executives departing since Austin's tenure, which ended in her resignation last October amid bullying allegations she denied.

The program, intended to deliver 40,000 social and affordable homes to ease a national housing crisis, continues to face criticism for delays and organisational strain, with an acting chair yet to be permanently appointed.