Yeah, it’s a small amount compared to what is actually needed. In the bill digest, it’s mentioned that government’s 2021 review of affordable housing estimated that “the number of social housing dwellings required over the 20 years from 2020 to 2040 would be 614,000, plus 277,000 affordable housing dwellings. It estimated the cost of closing this shortfall at $290 billion.”

That said, the Greens’ pressure on the negotiations has definitely improved the proposal. The first reading of the bill mentioned that the $10B commitment was just going to sent to the government’s investment fund and that withdrawals would be capped at $500m per year. That means that Labor’s original plan was for the $10B to be spread over 20 years. Compare this to the $290b estimate of what the country actually needs over the next 20 years and it’s clear that Labor only ever wanted to fix 3.4% of the problem.