Rent Assistance in Australia is set to increase significantly in the Budget for 2023. The Federal Government is investing an additional $3.3 billion to expand the National Rental Affordability Scheme (NRAS) and establish the National Rental Incentive Program (NRIP).
The NRAS will be expanded to include an additional 30,000 dwellings over the next four years, with an additional $1.2 billion to be allocated for the NRAS. This funding will be used to help subsidise rent for low-income households and provide incentives for private investors to build new affordable rental properties.
The NRIP will provide an additional $2.1 billion to assist Australians in rental stress. Under the program, eligible households will receive a rental subsidy of up to $300 per week, depending on their income. This subsidy will be paid directly to the landlord and will help to reduce rental costs.
The Federal Government will also invest $250 million in the Community Rental Assistance Program (CRAP), which will provide grants to community organisations to build and manage rental housing for vulnerable Australians.
In addition, the government is also investing in initiatives to help people in rental stress manage their finances, including the establishment of a new debt-relief program and an increase in the amount of funding for financial counselling services.
