Renters could have saved billions over the past 12 months if a rent freeze was adopted a year ago, according to fresh new data.
The research from the Parliamentary Library, commissioned by the Greens, was released on Wednesday as the minor party ups the pressure of the government ahead of next week’s national cabinet meeting.
Prime Minister Anthony Albanese is expected to use next week’s national cabinet meeting in Brisbane to negotiate new commitments on housing and planning reforms to boost supply.
“Our key priority for this meeting is increasing housing supply and affordability across Australia,” he said.
Mr Albanese is holding firm on the Greens demands to intervene in the rental market in return for the minor party’s support for his signature housing policy.
The impasse has stalled the Housing Australia Future Fund, which would spend minimum $500m a year to build 30,000 social and affordable homes over five years, in the senate.
Liberal and Nationals MP reconfirmed on Tuesday they will oppose the Bill, which was reintroduced to parliament last week, when it comes up for a vote in October.
Meanwhile, the Greens have argued the $10bn fund doesn’t go far enough.
The Greens wants the government to spend upwards of $2.5bn a year to address the social housing shortfall and demanded the Prime Minister co-ordinate a nationwide freeze on rents, or caps, with the states.
The research from the Parliamentary Library, compiled using census and consumer price index data, found the average saving per occupied dwelling was $1427 in 2022-23 and $2261 in 2023-2024.
It suggests two million renting households could have saved $3.1bn in 2022-23 and $4.9bn in 2023-24.
Talks between Labor and the minor party on the fund resumed last week but neither side is willing to budge.
Mr Albanese has previously said a rent freeze is outside of the Commonwealth’s jurisdiction.