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Less than four per cent of social housing target built
The audit said only 1,432 of 40,000 planned homes were delivered, and it cited delays, weak oversight and limited transparency.
On Tuesday, the Australian National Audit Office released a report showing the Housing Australia Future Fund delivered only 1,432 of its 40,000-home target two years into a five-year plan.
The $10 billion fund, created by the Albanese government to expand social and affordable housing, is now two years into its five-year delivery period.
Treasury failed to finalize delivery arrangements until May 2026, limiting its ability to "systematically monitor and manage program risks and performance over time," the auditor-general found.
Opposition housing spokesman Andrew Bragg claimed the report proves the fund "failed to deliver," while Housing Minister Clare O'Neil accepted all five audit recommendations.
Treasury's forecast to reach the mid-2029 target faces "considerable uncertainty," as the construction industry remains about a year behind on broader national housing supply goals.