Australian National Audit Office Probes $10B Housing Australia Future Fund's Value for Money

The Albanese government's $10 billion Housing Australia Future Fund (HAFF), established in 2023 to build 40,000 social and affordable homes by 2028, is under audit by the Australian National Audit Office (ANAO) due to concerns over slow progress and high costs. Opposition housing spokesman Andrew Bragg has criticized the fund for delivering only a fraction of homes, with disbursements equivalent to just eight median-priced Sydney homes in 2024-25, and alleged that the average home cost exceeds $750,000, sometimes reaching over $1 million. Bragg also accused the government of funneling taxpayer money to industry superannuation funds like AustralianSuper and HESTA, claiming some availability payments surpassed $1 million per dwelling, and suggested the National Anti Corruption Commission might investigate potential undue influence by these funds. Auditor-General Caralee McLeish confirmed the audit is ongoing and will assess Treasury's design and delivery effectiveness of the HAFF, with findings expected in Parliament by June 2026. Housing Minister Clare O'Neil defended the fund, stating the government remains on track to meet housing commitments and sees the audit as an opportunity for improvement. Critics have also noted that many homes delivered so far were existing properties bought by the government, not newly constructed ones as originally intended.