Independent ACT senator David Pocock insists the Albanese government's signature $10 billion Housing Australian Future Fund must be allowed to grow to build more houses and it could, he estimates, by an extra $6.3 billion over 25 years.
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The government has now failed two times in the Senate to bring the bill to a vote, with the Greens and Coalition joining again on Thursday to prevent it from taking place.
Senator Pocock is pushing for amendments to the housing bill, which is designed to finance the build of 30,000 social and affordable homes over five years, as it is mired in an increasingly emotional debate in the Senate.
The government has indicated it will support indexation of disbursements on the fund and will move its own amendment to index the cap against inflation from 2029-30.
The ACT senator has offered his figure based on his plan to periodically increase the $500 million annual cap on disbursements from the fund at 2.5 per cent per annum. He regards the indexation in his plan as a conservative option.
"We know that $10 billion today is not the same as in 10 years time," the Senator told ABC RN Breakfast.
"Index it and then, you know, the Future Fund is averaging I think 9 per cent per annum return. They're banking on the 5 per cent.
"If there is extra money, allow the minister to actually spend more on housing, that seems really sensible to me. And these are the kinds of things that I'm asking the government to consider."
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Senator Pocock said there could be more than the $6.3 billion if the cap is increased over time.
Tasmanian senator Jacqui Lambie said linking disbursements to the inflation indicator of the Consumer Price Index (CPI) is a great idea.
"I didn't realise ... I ... you know, Tammy [Tyrrell]'s been doing that deal. I didn't realise that it was not in there. That's a little bit disappointing," she said.
The Jacqui Lambie Network has already clinched a deal with the Labor government for support for the bill, securing agreement for the fund to finance the build of at least 1200 homes in each state and territory.
Senator Pocock said he is not going to vote against a $10 billion fund for housing.
"I've made that very clear. I'm not here to stand in the way of that, but I am here to push the government to ensure that this fund is better," he said.
Greens leader Adam Bandt stated on Thursday the Greens are trying to "shake the government and wake it up" over the housing and rental crisis.
Karen Barlow
Karen Barlow is ACM's Chief Political Correspondent. Working in the federal press gallery, she investigates and writes about federal politics and government. She has an interest in integrity, leadership and social equity. She has covered two Olympics and been to Antarctica twice. Contact her on karen.barlow@canberratimes.com.au
Karen Barlow is ACM's Chief Political Correspondent. Working in the federal press gallery, she investigates and writes about federal politics and government. She has an interest in integrity, leadership and social equity. She has covered two Olympics and been to Antarctica twice. Contact her on karen.barlow@canberratimes.com.au
