From 1 July 2022, the proposal would establish a Housing Australia Future Fund (HAFF), administered by the Future Fund with a target rate of return matching that of the Emergency Response Fund (ERF).

Net earnings would be available to be drawn at the direction of the relevant minister to be transferred to the National Housing Finance and Investment Corporation (NHFIC) to offer payments for social housing projects or directed to grants. All funds earnt in a year would be drawn, not reinvested.

A $10 billion equity injection would be provided in 2022-23 with administration and PDI costs (in cash terms) deducted from the earnings until 2025-26, then from 2026-27 only administration costs would be deducted from the earnings.