Housing crisis could take a generation to fix

The federal government has announced $145 million in funding for crisis housing in Victoria as it acknowledges the housing crisis will take years, potentially a generation, to fix. The Reserve Bank of Australia warns that the current property market downturn will make residential development less attractive, leading to fewer new projects and further impacting the rental market. Under the housing accord, the government committed to building 1.2 million homes over five years, but progress is running well below target more than two years into the agreement.

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