The ‘shot in the arm’ for Australian affordable housing
An ambitious agenda to provide accessible, affordable housing needs to push ahead, national property council says
2 min
The Federal Government’s proposed housing fund is the ‘shot in the arm’ required to address the housing crisis, the Property Council of Australia said today.
Property Council chief executive Mike Zorba said the Albanese Government’s second attempt to pass the Housing Australia Future Fund (HAFF) Bill through the Senate next week was to be welcomed.
The Federal Government announced the HAFF in June this year, describing it as ‘an ambitious agenda’ for affordable and social rental housing. At that time, Federal Housing Minister Julie Collins signed an amendment to the National Housing Finance and Investment Corporation’s (NHFIC) investment mandate to increase its liability cap from $5.5 billion to $7.5 billion.
However, the bill failed to pass the senate on its first attempt, sparking talk of a double dissolution trigger if it fails again next week.
Mr Zorba said Senate approval would go some way to addressing the housing shortfall in Australia. Estimates based on data from the 2021 Census revealed that more than 500,000 Australians on low income were in inappropriate housing on census night, which included homelessness, overcrowding or households where more than 30 percent of income was spent on rent.
Minister Collins said the $10 billion HAFF represented ‘the single biggest investment in social and affordable housing by a Federal Government in more than a decade’. The new initiative is expected to fund 30,000 new social and affordable rental homes.
Mr Zorba said Senate approval would kickstart the housing supply recovery.
“The HAFF is the shot in the arm the nation needs to close the housing deficit,” Mr Zorbas said.
“The 30,000 new social and affordable houses that hang in the balance need to be green-lighted by all Senators as soon as possible.
“Beyond the HAFF, the fastest paths to new housing remain setting housing targets, creating incentives for more supply and fixing broken state planning systems.
“We also need governments to boost helpful asset classes like purpose-built student accommodation, retirement living communities and build-to-rent housing,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
2 min
Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
