Boosted Grant: Queensland’s Housing Challenges Addressed
In a proactive response to the declining home ownership rates among young…
5 March 2022
As the Commonwealth Government in Australia attempts to bolster the long-term domestic supply of important wood products like timber, it has announced that it will provide $86.2 million in grant funding to forestry companies.
This investment will be to find the costs of new forestries and plantations. The Commonwealth proposes to fund 40% of costs for each state, with the individual state offering up the remaining 60% needed.
This funding is a direct response to the boom in detached housing within the construction industry and aims to combat the ongoing timber shortages.
The investment comes in as the largest of any Australian government in 30 years. Scott Morrison said that his government wanted to build on the nation’s current plantation stock of 1.77 million hectares.
While the plantations won’t help short-term delays, it is a much-needed move for long-term planning. The funding is set to start roll-out in 2022-2023.