The economic and social development of the country’s most populous state is being held back because of the federal deadlock over housing.

Business NSW has called on the Federal Parliament to pass the $10 billion Housing Australia Future Fund legislation, which aims to deliver 30,000 social and affordable homes in the first five years.

Business NSW CEO Daniel Hunter said the housing shortage has become the number one issue for all levels of government – and it’s hurting business.

“You know housing is fundamentally broken when essential workers can’t get homes near their jobs, employees are spending needless hours commuting and businesses can’t secure workers because prospective employees can’t afford exorbitant housing costs,” Mr Hunter said.

“This is a once in a generation opportunity that cannot be squandered. The legislation is not perfect, but it is a good start.  

“Business NSW is calling on our federal politicians to break the deadlock and pass the Housing Australia Future Fund legislation. Let’s get on with it.

“Housing shortages remain a critical issue impacting business, with many stifled by a lack of affordable housing near to the vital employment that they provide.”

More than one in three (35%) business owners refer to affordability of housing for workers in nearby areas as the biggest barrier to hiring new employees, according to the Business NSW Business Conditions Survey.

“Business NSW also urges Federal Parliament to avoid introducing a national rent freeze, which would stifle investment and create uncertainty in the housing market,” Mr Hunter said.

“Securing housing has gone well beyond the great Australian dream. Right now, people just need somewhere safe to sleep in a community they can thrive in.”