The Australian government recently met with investors to discuss ways of unlocking more private sector capital in housing, and cleaner and cheaper energy.
According to a media release from the federal government, the discussion prompted a commitment between government, institutional investors and industry in order to address barriers to financing modern methods of construction - and in particular, pre-fabricated housing - at scale.
As part of this commitment, the government will fund a Voluntary Certification Scheme to simplify the process to get prefabricated housing approved under the National Construction Code (NCC).
The federal government is providing funding to the Australian Building Codes Board (ABCB) to develop the scheme, which will complement their new Prefabricated, Modular and Offsite Construction Handbook.
According to a spokesperson from the Department of Industry, Science and Resources, "The new national voluntary certification scheme will simplify the process by which prefabricated and modular housing manufacturers will be able to demonstrate compliance with the National Construction Code (NCC)."
"Prefab and modular can make a positive impact right across the construction sector - from individual elements like wall panels, floor or ceiling cassettes, modular bathroom, kitchens and laundries, through to fully prefabricated houses," said the spokesperson.
The spokesperson also commented that prefabrication is valuable in other educational, health and public building classes, noting "every additional use of prefab, in any part of the construction sector, can improve overall productivity and enable the delivery of more new homes."
According to the release, the roundtable's participants - investors representing nearly $3 trillion in capital - endorsed the government's plan to build 1.2 million new homes, vowing to work with the government in helping states and territories to clear barriers preventing construction and deterring new investment.
The spokesperson commented that the Voluntary Certification Scheme will most likely be enabled through the Evidence of Suitability provisions that govern the NCC. The scheme will be developed through 2025 with the first accreditations expected during the first half of 2026.
