Aware Super has reviewed the socioeconomic benefits of 365 affordable housing units in seven assets across the its Essential Worker Housing (EWH) Program. According to the fund, the nation's failure to provide such housing to essential workers across capital cities is siphoning from a potential $64 billion boon.
"This study highlights that in Australia, where 66% - 1.4 million - of our nation's essential workers live in a greater capital city area, we have to do more to ensure they and their employers and local communities are properly catered for," Aware Super chief executive Deanne Stewart said.
Currently, 1.4 million essential workers are currently living in Australia's capital cities. The fund said its EWH program, established in 2018, offers such workers access to housing near social infrastructure and below-market rate.
Aware Super has agreed to commit $1.5 billion over the next five years to fuel the development of over 2000 apartments, which will include affordable essential worker housing. Stewart said the fund is pleased with the federal and state government's response but said more must be done and called for policy change.