October 2022: the Labor Budget — restraint and the housing accord
Chalmers' first Budget. Modest stimulus, but the National Housing Accord set a 1-million-new-home target for 2024–2029. The supply story was now official policy.
Why the Accord mattered
Aspirational targets without execution don't move markets — but the Accord's $350m of federal funding for institutional build-to-rent, combined with state-level zoning reforms, created the first real federal supply lever in fifteen years.
The signal
Sky News asked if 1 million homes was realistic. The honest answer: no, the system would deliver closer to 800,000 — leaving the supply deficit intact. Which is exactly why post-2026 the Government would be forced to choose tax-policy levers instead.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.