UPDATE: A significant audit of the $10 billion Housing Australia Future Fund (HAFF) has been initiated amid serious concerns that the program is failing to deliver value for taxpayer money. The Australian National Audit Office (ANAO) confirmed earlier today that an investigation is already underway and will be presented to Parliament by June 2026.
The HAFF was launched in 2023 with the ambitious goal of addressing Australia’s critical housing shortage by constructing 40,000 social and affordable homes by 2028. However, slow progress in building new properties and revelations that the average cost of homes under the scheme exceeds $750,000 have raised alarms.
Opposition housing spokesman Andrew Bragg has voiced his concerns, stating, “This is going to be a massive overpayment of taxpayer funds, which I think is a disgrace.” His request for an audit comes as reports indicate that the initial homes provided through the fund were not newly constructed but rather existing dwellings purchased by the government.
In a response to Bragg, Auditor-General Caralee McLiesh indicated that the audit will assess whether Treasury designed the HAFF effectively and established suitable delivery arrangements. “The ANAO will examine if the program is on track to meet its objectives,” McLiesh stated.
While the audit is a response to growing scrutiny, a spokesperson for Housing Minister Clare O’Neil sought to downplay its significance, emphasizing that such evaluations of large projects are routine. “The ANAO commenced this audit more than a month ago. We look forward to its findings and see it as an opportunity to potentially improve on the HAFF,” the spokesperson noted.
As the investigation unfolds, Bragg has suggested that the National Anti-Corruption Commission may need to explore whether major superannuation funds had undue influence in shaping the fund’s design, further complicating the narrative surrounding this crucial housing initiative.
With housing affordability becoming an increasingly pressing issue across Australia, the outcome of this audit could have profound implications for the future of the HAFF and its ability to meet the urgent needs of those struggling to find affordable housing.
Stay tuned for more updates as this story develops. The findings may not only affect the housing landscape but could also reshape public trust in government-funded initiatives.
