One of the federal government's signature housing policies is being audited amid concerns the $10 billion scheme may not be producing value for money.

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The Housing Australia Future Fund was set up in 2023 to help tackle a national shortage of dwellings, and aimed to build 40,000 social and affordable homes by 2028.

But slow progress on the construction of new properties, along with reports that the average cost of a home under the scheme was more than $750,000, prompted the Opposition's housing spokesman Andrew Bragg to request an investigation from the Australian National Audit Office.

"This is going to be a massive overpayment of taxpayer

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