section_path: Prime Minister of Australia (2022–present)/Domestic affairs/Housing
section_name: Housing
paragraph_text: Housing
  
  Albanese took office amid a major housing affordability crisis, with the average Australian house price being nine times the average household income by 2024. To remedy supply-side issues that contribute to rising prices, in August 2023, Albanese reached an agreement with National Cabinet to build 1.2 million houses over five years. On 13 September 2023, the government passed the Housing Australia Future Fund (HAFF), a $10 billion investment fund controlled by the Future Fund that is designed to build 30,000 new social and affordable homes over the following five years in a further effort to increase supply. On 25 September 2024, his government instructed the Treasury to examine negative gearing. As a divisive wedge issue in Australian politics, changes to negative gearing rules were proposed by Labor prior to the 2019 election, in which they were defeated. Albanese had previously pledged not to modify negative gearing as Opposition Leader, leading to criticism from the Coalition and conservative media outlets for appearing to backtrack on this promise. After intense media speculation, Albanese ruled out making changes to negative gearing the next day. In November 2024, the Albanese government legislated a "help-to-buy" shared equity scheme that aims to allow up to 40,000 first-time home buyers to purchase a home with a shared contribution with the government, and a tax concession to incentivise developers to build houses specifically for the purpose of renting. In February 2025, his government placed a two-year ban on non-citizens buying existing houses.
  
  According to some critics, the housing affordability crisis in Australia has been exacerbated by Albanese's immigration policies.