Victoria’s public housing agency is in financial crisis only two years after being established.
Documents obtained under Freedom of Information have confirmed Homes Victoria warned the Andrews Labor Government it will fail to remain solvent without a significant injection of taxpayer money.
Homes Victoria was established in 2020 to oversee public housing, but now doesn’t have enough funding for “core business expenditure” and may fail to meet the government’s cash-at-bank requirement.
Furthermore, Homes Victoria has stated that the receipt of big housing build funding ahead of schedule will be needed to “mask the effects” of the financial shortfall.
Shadow Treasurer, David Davis, said the financial crisis within Homes Victoria was further proof that Labor simply can’t manage money or projects.
“How can Labor be trusted to deliver more public housing when they’ve run the agency responsible into the ground?”
“Within just two years of its establishment, Homes Victoria is facing financial ruin due to the gross mismanagement of the Andrews Labor Government.”
Shadow Minister for Housing, Richard Riordan, said this crisis would mean fewer homes and less stable accommodation for those in need.
“It’s shameful that funding for new public housing is being used to bailout a government agency rather than build new homes.”
“Victoria cannot afford another four years of inaction on our housing crisis. Only the Liberals and Nationals have real solutions to cut public housing waitlists.”
David Davis MP Richard Riordan MP
Shadow Treasurer Shadow Minister for Housing