UPDATE: The Australian National Audit Office (ANAO) has launched an urgent investigation into the $10 billion Housing Australia Future Fund (HAFF) amid rising concerns over the fund’s value for money. As the scheme aims to address a significant national housing shortage, reports reveal that its progress has been alarmingly slow.
The HAFF, initiated in 2023, was designed to deliver 40,000 social and affordable homes by 2028. However, critics are questioning the effectiveness of this ambitious initiative, particularly following revelations that the average cost of homes funded under the scheme exceeds $750,000. These figures have prompted Opposition housing spokesman Andrew Bragg to call for a thorough audit.
“This is going to be a massive overpayment of taxpayer funds, which I think is a disgrace,” Bragg stated during a press conference in Canberra on Wednesday. His comments highlight the urgency of the situation as taxpayers demand accountability for significant government spending.
In a letter to Bragg, Auditor-General Caralee McLiesh confirmed that the audit is already in progress and is expected to be tabled in Parliament by June 2026. “The Australian National Audit Office will examine if Treasury effectively designed the HAFF and if it established effective delivery arrangements,” McLiesh outlined, emphasizing the thoroughness of the investigation.
Moreover, Bragg has raised concerns that the National Anti-Corruption Commission may need to investigate potential conflicts of interest, particularly regarding the influence of large superannuation funds in the scheme’s design.
A spokesperson for Housing Minister Clare O’Neil downplayed the audit’s implications, stating, “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.”
It’s important to note that the fund was originally seeded with $10 billion, with investments similar to other government funds, where returns are allocated to build new homes. However, the program has faced scrutiny since it was revealed that the initial batch of homes consisted mainly of existing properties purchased by the government, rather than new constructions.
As the audit unfolds, stakeholders and the general public alike will be watching closely for developments that could affect the future of social housing in Australia. The pressing need for affordable housing makes the outcomes of this investigation crucial for many citizens.
Stay tuned for more updates on this developing story as the ANAO continues its inquiry into the HAFF, with potential implications for millions of Australians seeking a place to call home.
