Housing Minister Julie Collins introduced legislation to parliament on Thursday to establish the Housing Australia Future fund, Housing Australia body and the National Housing Supply and Affordability Council.

The $10 billion fund was a key promise from the Albanese government before the 2022 federal election as the largest investment in the sector in more than a decade.

“Housing problems are widespread and visible … the dream of a secure home has become harder,” Ms Collins said.

“For too long these terrible stories have been ignored by the Australian government. Today is a turning point.”

Collins said 20,000 social and affordable homes would be built in the first five years of the fund, of which 4000 will be allocated to women and children impacted by domestic violence and older women at risk of homelessness.

Fund returns would be used in perpetuity to invest in housing across the country, with a cap of $500 million to be dispersed annually.

“This fund will be the end of the housing one-offs from the Australian government,” Collins said.

The minister introduced legislation to set up Housing Australia, an independent body tasked with ensuring the fund is equitably and fairly distributed for builds across all states and territories, in cities and regional areas.

The National Housing Supply and Affordability Council will provide independent advice to government on further options to increase housing supply.

An interim council has been operating since January 1 but the permanent council will be appointed by July 1.

Collins said a minimum of six and a maximum of nine appointed members would provide “frank and fearless” advice to the government.

The Australian Bureau of Statistics will also release the latest data on building approvals on Thursday.