Government must protect social housing providers from interest rate hikes

Senator Rebecca Moynihan
03 October 2022

Labour housing spokesperson Rebecca Moynihan said building homes cannot be a casualty of rising interest rates.
With Housing for All failing to hit any of its markers, Senator Moynihan said government must take serious measures to build homes this year.

Senator Moynihan said:

“Government must insulate social housing providers from interest rate hikes. With the Housing Finance Agency informing approved housing bodies that it would put up its interest rates on Friday, we need to see government action to ensure that this will not apply to social housing.

“We know we need to significantly scale up our social housing delivery. Government used Covid as an excuse for missed targets last year. Now, it is interest rate hikes that will be used as the scapegoat when social housing targets are missed. It’s simply not acceptable and the Housing Minister must carve out exemptions for bodies providing social housing.

“We have seen Government step in with once off measures for the energy crisis, the same must be done for the housing crisis.

“One year on from its announcement, it’s clear that the Government’s silver bullet, Housing for All, is failing to deliver the things people actually care about – secure and affordable housing. Through its reliance on the private sector through more subsidies and schemes, it’s very difficult to see Housing for All bring about the State-led delivery of social and affordable housing.

“We need to significantly scale up our social housing delivery. Right now we’re going around in circles. The State must step in now to ensure the delivery of social housing.”

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