Authority Outline

Homes Tasmania was established under the Homes Tasmania Act 2022 and commenced on 1 December 2022. Homes Tasmania is Tasmania’s housing and homelessness system manager, working with government, industry, the private sector, and the social housing and homelessness sector to improve the housing market and provide more housing opportunities.

Homes Tasmania is governed by a skills-based Board, appointed by the Minister for State Development, Construction and Housing, Hon Guy Barnett MP.

Homes Tasmania has a dedicated focus on housing and homelessness, allowing it to understand, respond and develop strategies to address housing needs across Tasmania. While ensuring those in greatest need are prioritised for housing, it also considers the whole housing market. Homes Tasmania has flexibility to partner with sector and industry and undertake urban renewal projects, giving it a broad remit to address housing affordability, access and supply. It also has flexibility in its financial structure, leveraging its asset base to borrow for strategic projects that meet its purpose.

The role of Homes Tasmania is to support access to affordable and appropriate housing across the entire housing continuum. This includes:

·       short‑term homeless accommodation and support;

·       social housing including supported accommodation, public and community housing and specialist accommodation for vulnerable people;

·       affordable housing including affordable land, affordable private rentals and affordable home ownership; and

·       key worker and regional housing supply.

Homes Tasmania is also building opportunities for Tasmanians by delivering the 10‑year, $1.5 billion plan to provide 10 000 new social and affordable homes by 2032. This plan will be supported by a 20‑Year Housing Strategy for Tasmania, which will be finalised this year. The Strategy will guide the type of housing Tasmania needs, where it is built, when and for whom. This will ensure that the diversity of housing options Tasmania will need for its changing population, both now and into the future, is planned, supported and delivered.

This chapter provides Homes Tasmania’s financial information for 2023‑24 and over the Forward Estimates (2024‑25 to 2026‑27). Further information about Homes Tasmania is provided at www.homestasmania.com.au.

Key Deliverables

Table 28.1 provides a summary of the Budget and Forward Estimates allocations for key deliverables being undertaken by Homes Tasmania.

Table 28.1:       Key Deliverables Statement   

	2023‑24	2024‑25	2025‑26	2026‑27
		Forward	Forward	Forward
	Budget	Estimate	Estimate	Estimate
	$'000	$'000	$'000	$'000
Build Up Tassie	225	321	793	849
Expand Annie Kenney Youth Shelter	214	214	214	214
Family Violence Rapid Rehousing	971	971	971	971
Hobart Women’s Shelter Emergency Response	432	432	432	432
MyHome Extension	500	500	....	....
Private Rental Incentive Scheme Enhancement	3 230	3 330	980	....
Shelter Tas - Additional Funding	80	80	....	....
Statewide Safe Spaces	7 007	7 007	7 007	7 007
Youth2Independence	100	1 930	1 930	1 930

Build Up Tassie

Funding of $4 million is provided over six years from 2023‑24 for Build Up Tassie, a free work readiness program for anyone aged between 16‑24 looking to enter the construction industry. Build up Tassie is a program run by Centacare and St Joseph Affordable Homes, which helps vulnerable young people into work, while building affordable homes. This initiative will be delivered in conjunction with the Department of Premier and Cabinet.

Expand Annie Kenney Youth Shelter

Funding is provided to operate an additional three units at the Annie Kenney Young Women’s Shelter.

Family Violence Rapid Rehousing

Funding is provided to continue the Family Violence Rapid Rehousing program as an ongoing program for Tasmanians escaping family violence. The program is a partnership between Homes Tasmania, Safe Families Coordination Unit, Centacare Evolve Housing and Housing Connect. Rapid Rehousing provides people affected by family violence with housing (leases up to 12 months) in the private rental market at a subsidised rent. This funding will continue the current provision of 50 homes per annum.

Hobart Women’s Shelter Emergency Response

Funding is provided to continue to operate 17 crisis accommodation units, managed by the Hobart Women’s Shelter.

MyHome Extension

Funding is provided to the MyHome shared equity program to continue the success of this program in supporting eligible low and middle‑income Tasmanians to purchase their own home.

Private Rental Incentive Scheme Enhancement

Funding is provided over three years to continue the Private Rental Incentive scheme to 30 June 2026. This includes existing funding of $6 million and additional funding of $1.54 million. The PRI scheme provides a financial incentive to property owners to make their homes available for affordable rent to eligible Housing Register applicants on low incomes. The enhancement of the scheme will support eligible Tasmanians in need with affordable rent in the private market and is designed to support families and reduce housing stress. Future investment in the scheme will be considered through development of the first Action Plan under the Tasmanian Housing Strategy.

Shelter Tas ‑ Additional Funding

Funding of $80 000 per annum over two years is provided to Shelter Tasmania to continue the Sector Workforce Development Plan.

Statewide Safe Spaces

Funding is provided to continue to operate Safe Spaces as an ongoing program for homeless Tasmanians. Safe Spaces were introduced in Hobart, Burnie and Launceston for people sleeping rough as a COVID‑19 response pilot.

Youth2Independence

Funding is provided in 2023‑24 for the operation of the Youth2Independence program. The 2021‑22 Budget announced the Y2I program as a new youth housing initiative, with an election commitment of $5.2 million to meet capital costs for land acquisition, construction of 20 modular homes, and conversion of 10 public housing homes. The 2023‑24 Budget provides funding for the operational costs to run the new service.

 

Performance Information

Table 28.2 outlines performance information for Homes Tasmania.

Table 28.2:       Performance Information - Homes Tasmania1

Performance Measure	Unit of Measure	2020-21 Actual	2021-22 Actual	2022-23 Target	2023-24 Target
Housing portfolio owned and/or managed by the community sector2	%	40.4	57.7	58.0	58.0
Social housing occupancy rate	%	99.4	99.2	98.0	99.0
Applicants housed3	Number	816	859	950	2 000
New allocations to those in greatest need	%	96.8	87.4	97.0	97.0
Households assisted through Private Rental Assistance	Number	1 547	1 674	1 750	1 750
Applicants on Housing Register4	Number	4 144	4 453	5 025	5 575
Average wait time for people who are housed (year to date)5	Weeks	68.0	82.9	90.0	85.0
Average time to house priority social housing applicants (quarterly)5,6	Weeks	53.6	76.5	80.8	75.0
Net recurrent cost per dwelling7	$	8 512	8 749	8 700	8 700
Turnaround time8	Days	29.2	28.5	28.0	28.0

Notes:

1.    Performance measures for 2020‑21 and 2021‑22 relate to Housing Tasmania when it was part of the former Department of Communities Tasmania. Performance measures for 2022‑23 relate to both Housing Tasmania and Homes Tasmania, due to the timing of the restructure of the former Department of Communities Tasmania.

2.    The targets reflect new social housing supply being delivered by community housing providers. This includes the whole housing portfolio including all housing types where Homes Tasmania has an interest.

3.    The targets reflect new social housing supply being delivered by Homes Tasmania, directly or in partnership with the Community Housing sector. This indicator includes applicants housed into public or community housing from the Housing Register.

4.    Targets are set at 25 per cent below the national average for the proportion of all social housing applicants versus size of the housing portfolio. Tasmania is generally performing much better when compared to other jurisdictions. Latest data from 2021‑22 shows that social housing applicants as a proportion of the housing portfolio in Tasmania was 34.6 per cent, compared to a national average of 53.0 per cent. If Tasmania’s proportion was equivalent to the national average, it would result in more than 7 400 social housing applicants.

5.    The 2022-23 target has been revised based on 2022‑23 year‑to‑date actual figures. The 2023‑24 target reflects a forecast improvement.

6.    As reflected in the 2021-22 Budget, this performance indicator was amended from only applying to public housing applicants, to applicants housed in all social housing. As such, figures from 2021-22 are not comparable to previously reported figures.

7.    Figures from previous years have been updated to reflect comparable data based on 2021‑22 dollars.

8.    The target of a 28-day turnaround has been agreed at the national level. Homes Tasmania is committed to improving systems and ensuring the target meets the national benchmark.

 

Detailed Budget Statements

Table 28.3:       Statement of Comprehensive Income1

	2022‑23	2023‑24	2024‑25	2025‑26	2026‑27
			Forward	Forward	Forward
	Budget	Budget	Estimate	Estimate	Estimate
	$'000	$'000	$'000	$'000	$'000
Revenue and other income
Grants2	....	87 737	92 402	94 209	98 411
Sales of goods and services	....	143	144	146	147
Interest	....	1 807	1 815	1 824	1 833
Other revenue3	....	67 739	68 215	68 695	69 180
Total revenue4		157 426	162 576	164 874	169 571
Net gain/(loss) on non‑financial assets5	....	12 890	41 595	48 568	48 691
Other gains/(losses) from other economic flows	....	4 968	5 060	5 154	5 250
Total income	....	175 283	209 230	218 595	223 512
Expenses
Employee benefits	....	15 821	16 320	16 965	17 654
Depreciation and amortisation	....	49 605	57 745	66 550	76 195
Supplies and consumables	....	63 435	63 398	63 424	63 450
Grants and subsidies6	....	66 448	69 391	65 551	62 949
Borrowing costs7	....	11 399	15 154	18 906	23 341
Other expenses	....	1 815	1 822	1 828	1 835
Total expenses	....	208 523	223 830	233 225	245 424
Net result	....	(33 240)	(14 600)	(14 629)	(21 912)
Other comprehensive income
Revaluation of non‑financial assets	....	329 742	369 536	402 284	435 244
Other movements taken directly to equity	....	....	....	....	....
Total other comprehensive income		329 742	369 536	402 284	435 244
Comprehensive result	....	296 502	354 937	387 655	413 332

Notes:

1.    Homes Tasmania was established on 1 December 2022 following the restructure and abolition of the former Department of Communities Tasmania. As such, published 2022‑23 Budget figures are not available.

2.    The increase in Grants from 2024‑25 primarily reflects additional funding for 2023‑24 Budget initiatives and grant funding from the Government to support the expected capital and operational activity of Homes Tasmania, including meeting borrowing costs.

3.    Other revenue primarily comprises rental revenue and operating recoveries, which includes rates and service charges that are recouped from community organisations who manage tenancies.

4.    This item includes funding made available under the former Commonwealth‑State Housing Agreement debt waiver agreement, which will primarily be used in support of capital projects including the Community Housing Growth Program.

5.    The increase in Net gain/(loss) on non‑financial assets from 2024‑25 reflects the expected proceeds on disposal of fixed assets, primarily consisting of land subdivisions to facilitate the capital program.

6.    The variation in Grants and subsidies primarily reflects the completion of 2021 election commitments, and expenditure associated with 2023‑24 and prior year Budget initiatives, including the Community Housing Growth Program.

7.    The increase in Borrowing costs in 2024‑25 and across the Forward Estimates reflects the expected interest costs on borrowings.

 

Table 28.4:       Statement of Financial Position as at 30 June1

	2023	2024	2025	2026	2027
			Forward	Forward	Forward
	Budget	Budget	Estimate	Estimate	Estimate
	$'000	$'000	$'000	$'000	$'000
Assets
Financial assets
Cash and deposits	....	1 000	1 000	1 000	1 000
Receivables	....	7 062	7 238	7 419	7 605
Equity investments2	....	50 148	63 948	78 048	92 448
Other financial assets	....	2 801	2 673	2 547	2 422
	....	61 011	74 860	89 015	103 475
Non‑financial assets
Assets held for sale	....	1 704	2 848	4 759	7 953
Property, plant and equipment3	....	3 188 924	3 433 663	3 697 721	3 987 299
Intangible assets	....	748	629	557	514
Service concession assets3	....	2 325 977	2 492 329	2 670 980	2 865 191
Other assets	....	70	70	70	70
	....	5 517 424	5 929 539	6 374 088	6 861 028
Total assets	....	5 578 434	6 004 399	6 463 102	6 964 503
Liabilities
Payables	....	22 018	22 459	22 908	23 366
Interest bearing liabilities4	....	230 138	300 141	370 144	457 146
Superannuation	....	6 685	6 819	6 956	7 095
Employee entitlements	....	4 182	4 266	4 351	4 438
Other liabilities	....	18 365	18 732	19 107	19 489
Total liabilities	....	281 389	352 416	423 465	511 534
Net assets (liabilities)	....	5 297 046	5 651 983	6 039 637	6 452 969
Equity
Reserves	....	1 729 639	2 099 176	2 501 460	2 936 704
Accumulated funds	....	3 561 312	3 546 713	3 532 083	3 510 171
Other equity	....	6 094	6 094	6 094	6 094
Total equity	....	5 297 046	5 651 983	6 039 637	6 452 969

Notes:

1.    Homes Tasmania was established on 1 December 2022 following the restructure and abolition of the former Department of Communities Tasmania. As such, published 2022‑23 Budget figures are not available.

2.    The increase in Equity investments in 2025 and across the Forward Estimates primarily reflects the increased activity associated with the MyHome program.

3.    The increase in Property, plant and equipment and Service concession assets primarily reflects additional capital expenditure related to Homes Tasmania construction programs.

4.    The increase in Interest bearing liabilities in 2025 and across the Forward Estimates primarily reflects the borrowing profile to support the Homes Tasmania capital program.

Table 28.5:       Statement of Cash Flows1

	2022-23	2023‑24	2024‑25	2025‑26	2026‑27
			Forward	Forward	Forward
	Budget	Budget	Estimate	Estimate	Estimate
	$'000	$'000	$'000	$'000	$'000
Cash flows from operating activities
Cash inflows
Grants	....	87 737	92 402	94 209	98 411
Sales of goods and services	....	143	144	146	147
Interest received	....	1 807	1 815	1 824	1 833
Other cash receipts	....	67 742	68 218	68 698	69 183
Total cash inflows	....	157 429	162 579	164 877	169 574
Cash outflows
Employee entitlements	....	(13 650)	(14 152)	(14 798)	(15 483)
Superannuation	....	(2 172)	(2 168)	(2 166)	(2 171)
Borrowing costs	....	(11 399)	(15 154)	(18 906)	(23 341)
Grants and subsidies	....	(66 448)	(69 391)	(65 551)	(62 949)
Supplies and consumables	....	(63 435)	(63 398)	(63 424)	(63 450)
Other payments	....	(1 958)	(1 962)	(1 968)	(1 975)
Total cash outflows	....	(159 062)	(166 225)	(166 814)	(169 369)
Net cash from (used by) operating activities	....	(1 632)	(3 646)	(1 938)	205
Cash flows from investing activities
Payments for acquisition of non‑financial assets2	....	(104 867)	(112 651)	(121 426)	(140 788)
Proceeds from the disposal of non‑financial assets3	....	17 500	46 297	53 364	53 583
Net cash from (used by) investing activities	....	(87 368)	(66 354)	(68 062)	(87 205)
Cash flows from financing activities
Net borrowings	....	70 000	70 000	70 000	87 000
Net cash from (used by) financing activities	....	70 000	70 000	70 000	87 000
Net increase (decrease) in cash and cash equivalents held	....	(19 000)	....	....	....
Cash and deposits at the beginning of the reporting period	....	20 000	1 000	1 000	1 000
Cash and deposits at the end of the reporting period	....	1 000	1 000	1 000	1 000

Notes:

1.    Homes Tasmania was established on 1 December 2022 following the restructure and abolition of the former Department of Communities Tasmania. As such, published 2022‑23 Budget figures are not available.

2.    The increase in Payments for acquisition of non-financial assets reflects capital purchases and construction activity of the Homes Tasmania capital program.

3.    The increase in Proceeds from the disposal of non-financial assets from 2024-25 primarily reflects the expected proceeds on disposal of fixed assets, primarily land subdivisions to facilitate the capital program.