4 February 2026

Dr Caralee McLiesh PSM
Auditor-General
Australian National Audit Office
GPO Box 707
Canberra ACT 2601

By email: ag1@anao.gov.au

Dear Dr Mcliesh

Request to Expand the ANAO Audit into the Housing Australia Future Fund (HAFF)

ln the context of your current Financial Performance Audit of the HAFF, I want to draw your attention to the increase in expenditure on the HAFF reported in the 2025-26 Mid-Year Economic and Fiscal Outlook (MYEFO) and the need for full transparency in this area.

I note that page 118 of the 2025-26 MYEFO states that "the cap on the Australian Government's guarantee over Housing Australia's commitments has been increased from $26 billion to $44 billion to support commitments for Housing Australia Future Fund Round 3 projects." At the same time, the MYEFO notes on page 65 there was a reprofiling of HAFF "disbursements and funding to align with the delivery model, which combined with additional support is expected to increase payments by $4.4 billion over the life of Round 3 but is expected to decrease payments by $742.6 million over the four years to 2028-29." Finally, the latest available performance reporting data from the Department of Finance indicates that, as at 30 September 2025, the HAFF had only spent $500 million, and that the total balance of the HAFF was in fact $11.2 billion.

It is not clear how all these statements add up. There should be full transparency on why money is being moved from year to year, what has been achieved to date for existing money spent, and what
will be achieved in future in terms of key performance indicators - particularly in terms of new dwellings built, compared with HAFF acquiring existing dwellings. For example, the spending is not
clearly disaggregated by each HAFF funding Round, and it is not clear what each Round is expected to deliver, and how progress is tracking on each of these deliverables.

I remain concerned about the quantity and the quality of HAFF spending. I therefore request that your Audit expands to examine the revelations of taxpayer funds being shuffled in MYEFO. Further, it appears to be an ever-growing liability without clear returns or value for money. I don't expect the ANAO to examine the governance of Housing Australia, but the financial transparency requires your examination.

Your sincerely

Senator Andrew Bragg
Shadow Minister for Productivity and Deregulation
Shadow Minister for Housing and Homelessness
Liberal Senator for New South Wales