- 2024-25 State Budget includes $1.1 billion in new funding
for initiatives to boost housing and land supply, improve affordability and bolster
support services
- Funding
increase brings the Cook Labor Government's total new investment in housing and
homelessness since 2021-22 to $3.2 billion
- Funding to expand the Social and
Affordable Housing Investment Fund
- Additional $92.2 million to support
more than 120 homelessness services and boost case management and supports for
people experiencing homelessness
- Stamp duty exemption and concessions
threshold lifted to $450,000 and $600,000 for first homebuyers
- New incentive scheme offering $5,000 payments to owners of vacant
properties willing to offer them on the long-term rental market
The Cook Labor Government
will strengthen its record total investment in social and affordable housing
and supports for those who need it most, as part of major funding commitments
unveiled in the 2024-25 State Budget to boost supply of homes and land for
Western Australians.
The $1.1 billion funding
boost brings the Cook Labor Government's total new investment in housing and
homelessness measures since 2021-22 to $3.2 billion. New commitments in the
2024-25 State Budget include:
- $400 million to expand the Social and
Affordable Housing Investment Fund - taking the number of additional social
homes to be delivered in this term of government to nearly 5,000 - while also ensuring
WA's fair share of affordable housing funding from the Commonwealth Housing
Australia Future Fund to deliver affordable housing and refurbishments to existing
social housing;
- $92.2 million for a critical service
uplift to more than 120 homelessness services across Western Australia and to
boost case management and online service supports for people experiencing
homelessness;
- $50.1 million boost for Government
Regional Officer Housing (GROH) and continued freeze on GROH rents for key
government workers in regional WA for 2024-25;
- $34.8 million to unlock regional
development-ready land for new housing in Broome, Karratha and Kalgoorlie; and
- $5 million to provide $5,000 incentive to owners of
currently vacant properties to offer them to Western Australians on the long-term
rental market.
In a boost for first homebuyers struggling to enter the current
housing market, the Government will provide:
- an exemption from stamp duty for
properties valued up to $450,000 (formerly $430,000); and
- a concessional rate of duty for
properties valued up to $600,000 (formerly $530,000).
This is estimated at a
cost of $82.3 million, with almost 5,000 first homebuyers expected to
benefit from savings of up to $15,390 per year.
The 2024-25 Budget
includes $84 million in spending to boost the capacity of our residential
construction workforce to grow the industry to allow it to keep pace with the
strong growth in our economy and population, including incentives for
construction apprentices to complete their trades through milestone payments
and tool allowances, grants and subsidies to employers, and extending the
operations of the Construction Migration Office.
A key focus of the 2024-25
State Budget is providing cost of living support to Western Australians. In
line with this, the Cook Government will continue to freeze all Government
Regional Officer Housing (GROH) rents for key government workers in regional WA,
including for the 2024-25 financial year.
For more information,
visit ourstatebudget.wa.gov.au.
Comments attributed to
Premier Roger Cook:
"WA's nation-leading
economy and enviable lifestyle are driving significant demand for housing - so
we are doing everything we can to boost supply of housing, social housing and
rentals.
"The 2024-25 State Budget
builds on my Government's record investments in initiatives to get more Western
Australians into homes they can afford - particularly those who need it most.
"We're also funding
innovative new measures like the Vacant Property Rental Initiative Scheme and training
milestone payments for construction apprentices to improve access to housing
supply quickly and create a pipeline of workers to help meet future demand."
Comments attributed to Treasurer Rita Saffioti:
"With Western Australia's growing population, we continue to explore
every measure to boost and invest in housing supply and affordability.
"We're addressing housing supply from all angles, increasing support for
first homebuyers by lifting stamp duty exemptions and concession thresholds,
incentives to bring vacant homes back onto the long-term rental market, as well
as significant funding for social and affordable housing and homelessness
providers.
"This investment extends to our regions, with a boost for Government
Regional Officer Housing, plus nearly $35 million to unlock development-ready
land in Broome, Karratha and Kalgoorlie."
Comments attributed to Housing Minister John Carey:
"This Government remains
acutely aware of the housing pressures felt across the country, including in
Western Australia.
"The Cook Government in
this Budget has increased its record new housing and homelessness commitments to
$3.2 billion and will now deliver nearly 5,000 additional social homes.
"The Cook Labor Government
has already added more than 2,100 social homes with a further 1,000 currently
under contract or construction, in line with our commitments made under the
previous record investments.
"The 2024-25 State Budget
delivers more than $1 billion in support of housing, land and homelessness
measures and the revamped Social and Affordable Housing Investment Fund will provide
more housing options - particularly for those most vulnerable in our community."
Comments attributed to Commerce Minister Sue Ellery:
"It's no secret that some
tenants in Western Australia are doing it tough at the moment, facing a
combination of low vacancy rates and rising rents.
"Our Government has a
raft of measures working to ease the burden, including the Rent Relief Grant
program and the Short-Term Rental Accommodation Scheme.
"The new vacant property
incentive is the latest initiative we are actioning to boost supply and to
support those who need it most."
