With the expiry of the National Rental Affordability Scheme, housing affordability across the Ballarat region is set to worsen with 416 NRAS-subsidised dwellings to be hit by increased rental prices, along with 5,218 others across the state, claims Federal Member for Ballarat, Catherine King.
Since its introduction, the NRAS scheme has boosted the supply of affordable housing across our community by providing incentives to owners to offer their properties for rent capped at 80% of the market rate.
The removal of this subsidy will see rents jump by an average of 38% overnight, pushing more and more families into financial hardship.
“NRAS has played an important role in supplying affordable housing to many across our community”, Ms King said.
“The impending termination of this scheme without replacement is going to impact many families across our regions that are going to be forced to find more money in their already stretched budgets just to keep a roof over their heads”.
“The average NRAS household receives a discount of $100 a week. With this scheme ending progressively it is now up to the Morrison Government to find a way to support struggling families across Ballarat and around Australia who need help finding affordable housing”.
The below table includes the number of dwellings that will expire from the scheme by the end of 2025. 34 of these properties will expire from the scheme by the end of 2021.
Bacchus Marsh 51
Ballarat East 2
Brown Hill 1
Mitchell Park 37
Mount Pleasant 10
Mt Clear 3