Victorian Government plan $5.3bn social housing spend to boost economy

The Victorian Government is planning a social housing blitz to lift the state out of its coronavirus induced recession.

Dubbed the ‘Big Housing Build’, the public housing masterplan makes up a large chunk of Victoria’s budget and will see a whopping $5.3 billion spent on vital social infrastructure in the next four years.

A total of 12,000 new homes are set to be rolled out across metro and regional Victoria, with the creation of 10,000 jobs per year as the state looks to bounce back from a year to forget.

Minister for Housing, Richard Wynne, said that the Big Housing Build will go a long way to helping struggling Victorians find their feet in the coming years.

“This unprecedented housing blitz will deliver new homes and jobs across Melbourne and regional Victoria,” he said.

We’re delivering the biggest investment in social housing Victoria has ever seen – we’re not just investing in bricks and mortar, but the lives of Victorians for decades to come.

Minister for Housing – Richard Wynne

The building boom will see the state’s social housing supply increase by 10% in just four years, with 25 per cent of funding to be allocated to regional Victoria.

Of the new homes delivered, 1,100 will be replacing old public housing units, 2,000 will be for Victorians suffering from mental illness and 2,900 will become affordable housing.

The investment aims to hit those who have been hardest hit by the pandemic, with many Victorians struggling to pay their rent.

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