MEDIA RELEASE: National Cabinet delivers both vision and funding to back new ambitious housing supply targets

Urban Taskforce CEO, Tom Forrest, today welcomed National Cabinet’s upgraded Housing Accord
commitment to deliver 1.2 million homes over 5 years, starting 1 July, 2024.

The NSW share will be 387,000 new homes over the 5 years. That means we will need an average of
over 77,000 new homes completed each year. Last year, there were only 47,000 new homes
completed in NSW.

The Commonwealth has allocated substantial funding of $3 billion in the “New Home Bonus” for states
that deliver more than their proportionate share.

$500 million in incentive funding has been available to local and state governments to support housing
supply, including essential infrastructure services and local amenity.


Click here to read the media release in full.