Greens Win $500M For Housing, Block Fossil Fuel Funds

Australian Greens

After constructive negotiations, Australian Greens have secured life-changing upgrades to 50,000 social homes across the country, who will have their homes electrified and save approximately $1,800 a year on power bills.

The Greens have also secured significant amendments to the Future Made In Australia Bills which will ensure that no support will be provided to coal, oil and gas under Future Made in Australia and commercial investments and programs of Export Finance Australia.

The deal is part of an agreement with the government on a package of amendments and reforms to secure the passage of over 20 bills through the Senate including some of the Future Made in Australia Bills, Treasury Bills including Build to Rent, and other Bills.

An additional $500 million will be allocated to expand the Social Housing Energy Performance Initiative to upgrade public and community homes to lower power bills for tenants. It will be proportionally distributed to the states without requirement of co-contributions from the states, meaning 50,000 social homes will be retrofitted with energy efficient upgrades such as air conditioning, insulation and shading; electric hot water water systems, cooktops and ovens; and solar panels and batteries. An estimated quarter of all social homes across the country could be retrofitted under the program.

Amendments to the Build to Rent legislation will increase the minimum lease term that must be offered to tenants in new developments from three to five years.

The government has also agreed to support Greens amendments to retain the government's power to override the Reserve Bank where there is disagreement. The ability of the Reserve bank to direct the lending activities of banks will also be retained.

Agreement on a large number of other amendments to an agreed list of other bills has also been reached.

The new investments in social housing and energy upgrades builds on the previous $3 billion for social housing and $1.7 billion for household electrification previously secured by the Greens.

The Greens have secured the following package of changes in good faith negotiations with the government this week:

Future Made in Australia funding will be closed off for coal, oil and gas projects.
Export Finance Australia will now be legally prevented from financing any domestic or overseas fossil fuel projects on their balance sheet. Around $1.5 billion of coal, oil and gas projects have been financed by EFA since 2009 - this kind of financing will now not be possible.
$500 million for the Social Housing Energy Performance Initiative to lower power prices for tenants. It will be proportionally distributed to the states without requirement of co-contributions from the states, meaning an additional 50,000 social homes will be retrofitted with energy efficient upgrades such as air conditioning, insulation and shading; electric hot water water systems, cooktops and ovens; and solar panels and batteries. Current federal funding for the program is $300 million so an additional $500 million more than doubles federal funding. This takes the total social homes to be retrofitted to 110,000, a quarter of the 446,000 social homes in Australia. If states choose to contribute matching funding the program could expand to up to $1 billion. This program was initially secured by the Greens in previous negotiations with the government and will now be massively expanded.
Government will support the Greens amendments to retain existing powers for governments to overrule the RBA and for the central bank to be able to direct commercial banks where to direct credit.
Extend the lease period from 3 years to 5 years on Build to Rent leases, meaning every lease under this scheme will have long term lease security.
Portfolio level agreed amendments within the list of bills below.

As stated by Greens Leader Adam Bandt:

"Thanks to the Greens, people in 50,000 public and community homes will receive life-changing upgrades and save approximately $1,800 a year on power bills.

"The Greens have secured $500m to electrify Australian homes starting with those most in need, cutting power bills and pollution at the same time.

"In negotiations on Future Made in Australia, the Greens have stopped billions of dollars of public money going into coal, oil and gas projects, here or overseas.

"Australia's export finance agency has shamefully invested around $1.5 billion in coal, oil and gas projects overseas on their commercial account. That's not possible any more.

"Greens pressure works. Having delivered good outcomes that will help people, the Greens now turn to keeping Peter Dutton out and pushing for cheaper rents, cheaper groceries and no new coal and gas in a coming minority parliament.

"We can't keep voting for the same two parties and expecting a different result."

As stated by Greens spokesperson for Housing and Homelessness Max Chandler-Mather MP:

"The Greens have more than doubled federal funding for a government program that will see life improving upgrades to a quarter of all public and community homes across Australia, saving social housing tenants approximately $1,800 a year on their power bills.

"This means insulation, air conditioning, shading, and bill saving rooftop solar and batteries for hundreds of thousands of people living in social housing who are often forced to suffer through brutal summers and winters in homes in desperate need of basic repairs.

"We said from the start the Greens were ready to work constructively, and in just one week we have agreed to pass Labor's two housing bills and secured $500 million for social housing upgrades, adding to the $3 billion we have already secured for social housing."

As stated by Greens spokesperson for Treasury Senator Nick McKim:

"The Greens are using our power in Parliament to fight for renters and mortgage holders. I'm relieved to see the Treasurer agreed to retain the power to cut interest rates. The Greens are fighting for mortgage holders and the government should do the same.

"Labor and the Liberals are still on a unity ticket about unlimited rent increases, new coal and gas approvals and letting the supermarkets price gouge.

"The Greens are here to push for better. Get outcomes. Make the government fix the problems, not just tinker around the edges.

"Right now times are tough for a lot of us, but nothing changes unless your vote does.

"Putting more Greens in the parliament means we keep Peter Dutton out and we have more leverage to push Labor to get outcomes on housing, climate and cost of living."

The Greens will now pass the following Bills through the Senate this week:

Treasury

Superannuation (Objective) Bill 2023
Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024
Treasury Laws Amendment (Build to Rent) Bill 2024 and Capital Works (Build to Rent Misuse Tax) Bill 2024
Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024
Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023
Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024
Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Bill 2024
Commonwealth Entities (Payment Surcharges) Bill 2024
Commonwealth Entities (Payment Surcharges) Tax (Imposition) Bill 2024
Commonwealth Entities (Payment Surcharges) (Consequential Provisions and Other Matters) Bill 2024

Attorney General

Future Made in Australia

Other portfolios:

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