The Victorian Budget 2023-24 was handed down by the government on 23 May, and CHIA Vic was concerned to see it lacks a long-term plan for the provision of social housing in Victoria beyond the Big Housing Build.
Whilst we were pleased to see an investment of $134 million in housing and homelessness supports – including $67 million in the continuation of Housing First responses – the Budget lacked any additional investments to growing social housing in Victoria.
A key focus of the Budget was putting in place a ‘COVID Debt Repayment Plan’ to pay down debts incurred during the pandemic response. Using the Victorian Future Fund as an investment vehicle, several key revenue raising measures are being implemented to increase the balance of the fund, to then pay down the debt over ten years.
CHIA Vic was disappointed that this sort of long-term planning wasn’t also being directed towards tackling the state’s worsening housing crisis, and will continue advocating to government about the need for a long-term plan for social and affordable housing funding.
You can read the Budget papers in full here, and CHIA Vic’s full response to the Budget here.