Sophie Foster
Updated 18 May 2026, 11:54am
First published 18 May 2026, 11:52am
Prime Minister Anthony Albanese and Treasurer Jim Chalmers have made a bold move to change rules around private housing investment which has exploded in recent years.
First-home buyers will have a clear run at 20,000 homes, with investors locked out under a $2 billion government housing deal.
The multi-billion-dollar agreement will deliver more than 51,000 new homes in one state alone – part of a joint deal between the Australian and Queensland governments, with each contributing $399 million.
Alongside that will be $1.6bn by the federal government made available in zero-interest concessional loans to help fund roads, sewerage and other infrastructure needed to unlock new housing estates.
Treasurer Jim Chalmers is facing backlash from investors over his budget announcement.
But while the promise is significant, the wait is two years – with the first homes not expected to be completed until mid-2028.
The funding will unlock new housing estates across fast-growing corridors around Brisbane, Cairns and South East Queensland, where major population growth is driving demand for new supply.
Treasurer Jim Chalmers said the plan was about getting more Australians into homes and improving affordability.
“We know it’s too hard for too many Australians to buy their own home and get ahead and that’s why we’re investing in building more homes, making our tax system fairer and putting first home buyers ahead of foreign investors,” he said.
The new Queensland city of Waraba is among those expected to benefit from the increased investment promise by the two governments. Pictures here is the site of Lennium Group’s Lilywood Landings.
“Our budget is about building more homes, helping more Australians realise the dream of homeownership and giving younger Australians a leg up in the housing market.”
Housing Minister Clare O’Neil said the deal would deliver “genuinely tens of thousands more homes for Queenslanders to buy”, with “no competition from investors”.
Queensland Deputy Premier Jarrod Bleijie said the focus was on unlocking land and speeding up delivery.
“Availability equals affordability and by providing funding to get the vital infrastructure like roads, water, sewerage and power in place, the builders can get building,” he said.
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