The Australian National Audit Office (ANAO) has initiated an audit of the Albanese government’s $10 billion Housing Australia Future Fund (HAFF). This investigation comes as concerns grow over the fund's ability to deliver on its promise of constructing 40,000 social and affordable homes by 2028.

Auditor-General Caralee McLeish disclosed that the HAFF allocated only $13.6 million for the 2024-25 period, which is enough to fund just eight homes at Sydney's median price. Shadow Housing Minister Andrew Bragg criticized the fund, labeling it “one of the biggest public policy disasters” he has witnessed. He expressed that the government’s housing strategy is in “chaos” and accused the Labor party of misusing taxpayer funds to benefit industry superannuation funds.

"Housing Australia is in chaos, and now the Auditor-General has confirmed the agency is being audited," Bragg stated. He questioned why taxpayers should finance homes that cost significantly more than their market value. Bragg welcomed the ANAO's inquiry, asserting that the fund was designed to favor industry superannuation funds.

He claimed that some payments made under the HAFF exceeded $1 million per dwelling, calling this a “disgrace.” Bragg also pointed out that the average cost of homes funded by the program was over $750,000, with some exceeding $1 million. He specifically mentioned Assemble, a company partly owned by AustralianSuper and HESTA, as a major recipient of over $2 billion from the fund.

In response, Housing Minister Clare O’Neil dismissed the allegations, asserting that the government is on track to fulfill its housing commitments. A spokesperson for O’Neil stated that the ANAO is “simply doing its job” and that the government anticipates the findings of the audit.

The ANAO confirmed that the performance audit of the HAFF and the Treasury's role in its administration has begun and is expected to report its findings in June 2026. The HAFF was launched by Treasurer Jim Chalmers in 2023, with the aim of increasing housing supply and improving affordability as part of Labor’s national housing strategy.

The fund was initially established with $10 billion, which was intended to be invested similarly to other government funds, with returns used to finance the construction of new social and affordable homes. However, the program has faced scrutiny after reports indicated that the first few homes funded were existing properties purchased by the government rather than newly constructed dwellings.