Crossbenchers in the senate are under pressure to pass the Australian Labor government’s $10 billion (US$6.7 billion) housing fund bill through the parliament this week after negotiations between the crossbenchers and the government derailed.
The bill is an initiative by Labor to fulfil its election promise to build 30,000 social and affordable homes, and under the legislation, the government will set up a $10 billion perpetual fund and use its returns to invest in housing across Australia.
The maximum amount that can be withdrawn from the fund is capped at $500 million annually, with the government expecting 30,000 social and affordable homes to be built in the first five years of the fund, among which 4,000 would be distributed to women and children who are victims of domestic violence….