NAB strengthens $2 billion affordable housing commitment by joining the Constellation Project

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National Australia Bank (NAB) today announced it will be joining the Constellation Project (Constellation) as an Alliance Member.

Constellation’s work is focused on new and sustainable solutions to homelessness, including increasing the number of affordable, accessible and secure housing options and preventing entry into homelessness.

Joining the Constellation Project as an Alliance Member builds on NAB’s existing $2 billion affordable housing commitment.

NAB Group Executive – Corporate and Institutional Banking, David Gall said homelessness is a significant issue in Australia and NAB will contribute extensive housing market expertise to tackling a long-term social issue.

“We are delighted to join the Constellation Project and its extensive cross-sector network. Our shared vision is very simple: to end homelessness within a generation. We don’t have all the answers, but we are determined to play our part and make a difference,” Mr Gall said.

“As an Alliance Member, NAB will contribute financial support and expertise to the Constellation Project, starting with the ‘More Homes’ pillar. This pillar is designed to increase the supply of safe and affordable homes for people in Australia on very low to moderate incomes.”

“We will also contribute to discussions on national policy issues that could help increase the number of affordable housing dwellings, including through land use planning initiatives, such as mandatory inclusionary zoning.”

Skilled volunteering opportunities will be promoted at NAB to support the work of Constellation. NAB volunteering efforts will focus on providing sector knowledge and insights in areas such as strategy, financial and banking advisory, First Nations, operations, risk and communications.

“We believe it is through the collective power of collaboration across government, academia, the private sector, NFPs and philanthropy that will allow the Constellation Project and its members to enact real change,” Mr Gall added.

The Constellation Project launched in October 2018 and has co-designed an economic feasibility tool with the Tasmanian government, developed financial modelling for First Nations housing and is convening a national network to progress a framework for mandatory inclusionary zoning.

Rosalie Wilkie, Partner – PwC Australia Social Impact and Founding Member, the Constellation Project said:

“We’re delighted to have NAB formally supporting the Constellation Project after being involved from the very beginning. NAB shares PwC Australia’s commitment to apply its skills and resources to addressing this important social issue.”

Shamal Dass, Chair of the Constellation Project and Head of Philanthropic Services at JBWere said:

“We are proud of the way the Constellation Project has evolved to harness the truly unique cross-sector network that we believe is critical to addressing homelessness in Australia.”

“By joining formally and building on its $2bn commitment to affordable housing, NAB has modelled the leadership required from the corporate sector to openly collaborate, learn and perform their unique role in designing and delivering the practical solutions needed to end homelessness in Australia.”

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