Thursday, 4 December 2025

 Will FOWLES (Ringwood) (17:43): (1471) My adjournment matter is for the Treasurer, and the action I seek is that the Treasurer review the current settings of the Social Housing Growth Fund and ensure that its capital is being used in the most effective way to meet the state’s housing needs. Victoria is facing a serious housing crisis. More than 66,000 households remain on the social housing waiting list, rents continue to rise across the state and demand for homelessness services is increasing. Recent data shows Melbourne rents rising by around 7.7 per cent over the past year and regional rents by nearly 9 per cent. Vacancy rates remain extremely tight, which continues to push more people into rental stress. At the same time, the Social Housing Growth Fund, which began with a billion-dollar contribution in 2017, has now grown to $2.9 billion. The Victorian Auditor-General has observed that a number of government trust funds have grown because money has remained unspent for years, and the Social Housing Growth Fund is one of the most significant examples. While the need for social housing grows, the balance of the fund grows faster.

The fund was designed to operate as an endowment, with only investment returns used for housing. That may have made some sense eight years ago, but it is increasingly difficult to justify sitting on almost $3 billion when we have record numbers of Victorians waiting for housing and experiencing rental stress or at risk of homelessness. Indeed the building of housing creates an asset that is more productive than any that might be contained within an investment fund. At a time when thousands of people cannot secure a home, it is vital that all available funding is used to deliver housing outcomes. Victorians need homes. It is important that money intended for housing is used to deliver housing, not left passively accumulating in a trust.